- The interest in crypto-currencies grows after the value of Bitcoin increases.
- One third of the millennials are considering investing in Bitcoins.
- Crypto-currencies are very popular among British millennials.
A new British study has revealed that millennials are very interested in gambling with Bitcoins. They are more likely to invest in crypto-currencies than traditional investments such as properties and stocks.
The London Block Exchange report says that one out of three people under 35 owns or have plans to own a cryptocurrency in their investment portfolio. Over 57% of the people over 55 says that they will not be investing in Bitcoin or similar digital currencies online.
The interest in the blockchain currency has rapidly grown this year thanks to the explosion in value of crypto currencies this year. A couple of years ago an American bought a pizza for 2000 bitcoins. Today the value of one Bitcoin is $17,500, he might regret that decision.
One of the reasons why millennials are keener on investing in Bitcoins is that they are more willing to take risks when they are investing. Experts however warns these young investors that this might be a bubble that will burst.
Bitcoin is now taken seriously by global investors
Counterparts to Bitcoin like Ethereum and Litecoin are other digital currencies which are generated through something called “mining”. Mining requires an internet connection and a computer so almost anyone can carry it out themselves, it’s really simple.
Your computers processing power is used for searching after pieces of code e.g. the Bitcoins and these fragments can be traded just like traditional currency. The amount of Bitcoins that exist are static but you an still find coins on the internet.
In 2010 a Bitcoin was worth $0.003 and today it’s worth over $17,500. This increase in value has prompted big investors to start looking at this currency more seriously and the great interest has pushed the value up even more. But is it a risk worth taking?
Millennials are quick to embrace new investments
The study for LBX with 2000 investment holders surveyed showed that more than half of 55+ people never would invest in Bitcoin. In the age 18-35 almost 33% said that they had a strong interest in investing in Bitcoin.
11% even said that they would invest in Bitcoin this year. No one can tell yet if it will become a good investment or not, we will follow the progress however with great interest.