According to data from a survey conducted by Michelmores LLP, around 20% of wealthy millennials in the United Kingdom own Bitcoin or other cryptocurrencies. Reported by FXStreet on September 17, the law firm stated that 20% of the people born between 1981 and 1996 (who had assets worth more than $31,000) owned cryptocurrencies.
The survey found that the younger generation chooses electronic trading platforms over traditional forex trading and that 40% of the surveyed group’s wealth came from their profitable investments. The national average for cryptocurrency ownership in the UK is 3%, while 29% of the millennial generation (with investments worth more than $93,000) invested in crypto.
The British firm revealed that millennials take their investments more seriously compared to previous generations. 35% of the surveyed individuals traded digital assets via crypto exchanges. Interestingly, 27% of them stated that they sought advice beforehand on trading communities and social trading platforms.
Concerning the source of their current wealth, 70% confirmed that salaries accounted for a significant part of their wealth, while 40% admitted that their wealth comes from investment returns.
Crypto surveys conducted in 2019 show similar patterns
Recent research conducted by Michelmores mirrors several surveys conducted during 2019. A survey from Bankrate, a US consumer financial services company based in New York, revealed that crypto is three times more popular for American millennials compared to their younger Gen X counterpart.
Business Insider, a US financial and business news platform, revealed that their July survey shows that Generation Z does ‘not plan to buy cryptocurrency.’ With 52% of the participants stating that they would not invest in crypto, only 5% said that they are ‘extremely likely’ to invest, with 6% stating ‘very likely’ and 15% ‘somewhat likely’.
Shortly after the price of cryptocurrencies experienced a sharp rise in April, a survey conducted by venture capital firm Blockchain Capital revealed that 11% of Americans own cryptocurrencies. 2,052 adult US citizens participated in the survey, revealing that there was a notable rise in interest since 2017.
Are millennials not what they appear to be?
While general stereotypes surrounding millennials make them appear as lazy and ungrateful, recent data shows that more and more people seek to create their own wealth and take part in investing. With several leading news platforms claiming that millennials have killed various industries, it seems that the new generation may even ‘kill’ spheres such as traditional financial institutions.
Given that millennials grew up during an era where technology rapidly expanded and brought new innovations in our everyday lives, it is only natural that they would be interested in blockchain technology and cryptocurrencies. With the young generation facing common problems such as student debt, unemployment, and a generally messy society, it seems that millennials will have to seek a millennial solution, at least for financial problems.
Platforms that provide comfortable access to the stock market and digital assets such as cryptocurrencies are fairly popular among millennials. Robinhood, a US-based financial services company, is a popular choice for investing, given that they provide accessibility to the stock market and low-fees.
The gap between generations today can not only be seen socially but financially as well. As the world’s economy is not what it used to be, and as we may shortly face another recession, millennials will be forced to take matters into their own hands. As one of the most heavily criticized generations, millennials will have to take the stoic approach and seek new opportunities such as the disruptive cryptocurrency sector to survive in this new world.
Quoting Andrew Oldland, a senior partner at Michelmores, ‘there are many stereotypes attached to millennials, our research challenges these myths and reveals that a significant portion of the generation who have £25,000 or more amassed thee assets themselves.’