Nearly half of the UK respondents between the ages of 18 and 29 admitted that their first investment was in cryptocurrency.
More than 50% of young people have used debt to purchase cryptocurrency.
Cryptocurrencies are attractive to British youth:
Showed a poll interview conducted by the company “Opinium” investment platform “Interactive Investor” that 45% of people aged between 18 and 29 years in the United Kingdom and air encoded currency market as an investment for the first time in their lives.
Of all the digital currencies, Bitcoin is the most popular among young people, with more than 20% of them investing in it.
Interestingly enough, Dogecoin is also one of their most favorite cryptocurrencies.
56% of respondents admitted that they took out debt to increase their bitcoin purchases.
23% of the respondents used their credit cards and put part of their money into cryptocurrency, while 17% of them went for student loans.
16% also used another type of loan.
Myron Jobson, a personal finance activist at Interactive Investor, described the ratio of taking out loans to invest in crypto as distressing, adding:
Young people’s use of credit cards, student loans, and other forms of debt to invest is a worrying trend.
Jobson issued a cautionary note to young people that huge debt can damage their credit scores and thus cause financial obstacles later in life.
Speaking of the long-term period, 20% of the respondents revealed that they would store their savings in cash over 10 years.
While 16% answered that they would store their money in the form of crypto, investing in stocks ranked third with 14%.
A third of UK cryptocurrency investors check their account balances every day:
Brits seem to have boosted their interest in cryptocurrencies, as the study revealed that around 78% of adults have heard of cryptocurrency.
According to the same study, nearly 2.3 million British people have owned or owned cryptocurrency at some time.
It is worth noting that the way UK residents think about cryptocurrency has also changed dramatically.
They no longer see cryptocurrencies as a speculative asset but instead as a serious investment option or an alternative to traditional investments.
Last year, 38% of people told that the cryptocurrency market is like gambling, while nowadays the percentage is down to 9%.
Interestingly, the number of investors checking their balances daily rose to 29%, more than double the 13% recorded in 2020.
In general, most Brits are optimistic about the long-term crypto market.
The survey revealed that nearly 50% of cryptocurrency dealers plan to increase their exposure to digital currencies and are confident that they will make money at some point.