The London Block exchange recently conducted a study involving 2,000 Britons, and found that one in three millennials will own cryptocurrency by the end of 2018, possibly enticed by the meteoric rise in the value of bitcoin over recent months.
A cryptocurrency is a digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency, and arguably its most endearing allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.
A similar survey done in the US recently by venture capital firm Blockchain Capital, found that while just 2 percent of Americans own or have owned the cryptocurrency, investor base might get larger as millennials become the main investment force. About 30 percent of those in the 18-to-34 age range said they would rather own Bitcoin than government bonds or stocks.
The LBX research in the UK found that 5 percent of those aged below 35 already have cash invested in a cryptocurrency, and that 11 percent are definitely planning to invest next year, while 17 percent are seriously considering investing in a digital currency by the end of 2018. The research also found that 24 percent of millennials said that they regret not buying into a crypotocurrency earlier after seeing Bitcoin’s value soar over the past year.
Bitcoin has experienced a huge price rally in 2017, having a 1,600 percent price increase since the beginning of the year, while the majority of American Bitcoin investors are optimistic that it will perform even better in 2018.
However, the soaring value of Bitcoin has not caught the interest of older generations. Some 57 percent of those aged over 55 say that they definitely won’t be buying digital currencies, found the LBX research.