Nearly half of the british population aged 18 to 29 admitted that their first investment was in digital assets. However, more than 50% of young people used a loan to buy cryptocurrencies.
Cryptocurrencies are gaining attractiveness in young Britons
A recent survey conducted by Opinium for the Interactive Investor investment platform showed that 45% of 18-29 year olds in the UK chose a crypt market for the first investments in their lives.
Of all the digital assets, it is BTC by far the most popular among young people, as more than 20% of them have invested in it. Interestingly, the “meme coin” – Dogecoin – is also one of the most preferred cryptocurrencies.
However, 56% of participants admitted that they took out a loan to support their purchases. 23% of participants used their credit cards to allocate funds to a digital asset, while 17% went to student loans. Another 16% used another type of loan.
“Young adults who use credit cards, student loans and other forms of debt to invest are a worrying trend.”
Huge debt can damage their credit scores and “cause financial obstacles later in life.”
Speaking of long-term periods, 20% of participants revealed that they would save their savings in cash for 10 years. Crypto came in second with 16%, while equity investments came in third with 14%.
1/3 of British cryptocurrency investors check their balances every day
The British seem to have increased their interest in cryptocurrencies, as a recent survey found that about 78% of adults had heard of digital assets. In addition, nearly 2.3 million individuals hold or own virtual currencies.
It is worth noting that the way the people of UK think about the crypto has also changed dramatically. They no longer see cryptocurrencies as speculative assets, but as a serious investment alternative or an alternative to traditional investments. In fact, last year, 38% of people likened the crypt market to gambling, while the percentage has dropped to 9% today.
Interestingly, the number of investors who check their balances on a daily basis has risen to 29% – more than doubling from 13% in 2020. Overall, most Britons have been bullish for a long time. The survey revealed that almost 50% plan to increase their exposure with the belief that “at some point they will make money.”