More than 30% of millennials plan digital currency investments

Research commissioned by London Block Exchange (LBX) has found that 33 per cent of millennials will have invested in digital currency by the end of 2018.

The study, which was carried out by Opium Research, surveyed 2,000 Britons and showed a significant increase in the number of young adults planning to invest in digital currency. 5 per cent of millennials already do this.

Planning

The study found that 11 per cent of millennials are planning to own digital currency, while 17 per cent are considering cryptocurrencies such as bitcoin, litecoin or ether within the next year.

With more than 30 per cent of millennials set to invest in digital currency by the end of next year, it could become more popular than other financial products or investments revealed to be held by 18 to 35-year-olds in the ING International Survey on Savings 2017. These included bonds (20 per cent), precious metals (19 per cent), shares (19 per cent) and second property 18 per cent).

Twelve per cent of millennials believe that digital currency is their generation’s asset, whilst 24 per cent of under-35s said that they regretted not purchasing digital currency before.

Older respondents were found to be more likely to reject bitcoin and other cryptocurrencies, with 57 per cent of adults aged 55 and over saying that they will not be investing in cryptocurrencies.

Gulf

Commenting on LBX’s study, LBX Founder and CEO Benjamin Dives said: “This study underlines the gulf between the younger generation’s view of money and that of their parents and grandparents, who had assets perform so well for them in pensions or property.

He added: “Millennials clearly feel left behind by the old system and are looking at cryptocurrencies as a new dawn.”