45% of young Britons choose the cryptocurrency market as their first investment option in their life.
Contact us to be instantly informed about the last minute developments. Twitter and Telegram You can follow our channel.
Nearly half of UK residents aged 18 to 29 said their first investment was in digital assets. However, more than 50% of teens borrowed money to buy cryptocurrencies.
British Teens Turn To Cryptocurrency
A recent survey by Opinium for investment platform Interactive Investor found that 45% of 18-29 year olds in the UK chose the crypto market for their first-time investment.
Bitcoin (BTC) is the most popular currency among young people of all digital assets. It is stated that more than 20% of those who invest in crypto money invest in Bitcoin. Dogecoin (DOGE) is among the most preferred cryptocurrencies along with Bitcoin.
56% of respondents also say they borrow money to buy more Bitcoin. While 23% of the participants used credit cards to invest in digital assets, 17% preferred student loans and the other 16% preferred different types of loans.
Myron Jobson, personal finance campaigner at Interactive Investor, called this percentage sad:
Jobson warned that these debts could hurt young people’s credit scores and could face financial barriers later in life.
20% of the participants announced that they would keep their savings in cash for a period of 10 years. Crypto was second with 16%, while investment in equities was third with 14%.