London-based law firm Michelmores LLP has surveyed affluent millennials in the United Kingdom and discovered that 20% have invested in Bitcoin (BTC) and other cryptocurrencies. Is it time to Invest in Bitcoin?
The survey, reported by FXStreet on Sept. 17, revealed that among those born between 1981 and 1996 with investable assets of £25,000 ($31,000) or more, 20% had invested in the new asset class.
Almost 7 times the national average. Time to Invest in Bitcoin?
As FXStreet notes, this 20% figure is markedly higher than the national average of 3% — indicating that well-off millennials in the U.K. are almost 7 times more likely to invest in cryptocurrencies than the general public.
Moreover, when it comes to millennials with over £75,000 ($93,000) worth of investable assets, the percentage of cryptocurrency investors jumps to 29%.
Notably, 70% of respondents indicated that their investable wealth derived from salary and wages, while 40% said it was through investment returns.
This interest in investment opportunities translates into a high level of fluency with online trading infrastructure: 35% of respondents said they invest using electronic trading platforms, while 27% said they consulted social trading platforms and browsed or participated in trader e-communities.
Michelmores’ survey bolsters research conducted earlier this year on the other side of the pond. The results of a United States-wide Bankrate survey this July indicated that cryptocurrencies are three times more popular among American millennials as a top-choice, long-term investment option than for Generation X.
Also in July, 26% of Generation Z in the U.S. — generally defined as those born after 1997 — said they would be somewhat, very or extremely likely to buy cryptocurrency in the next 6 months.
In April, an industry survey revealed that 11% of the American population owns Bitcoin, identifying Bitcoin ownership is a “demographic mega-trend” led by the younger generation in the 18-34 year age range. Nonetheless, 89% of U.S. citizens had heard of the cryptocurrency, regardless of their generation.