Nearly half of UK residents aged 18 to 29 admitted that their first investment was in digital assets. However, more than 50% of young people used debt to buy cryptocurrencies.
Crypto is attractive to young Britons
A recent poll conducted by Opinium for the investment platform Interactive Investor revealed that 45% of 18-29 year olds in the UK plunged into the crypto market as a first time investment in their lives.
Of all digital assets, bitcoin is by far the most popular among young people, as more than 20% of them invested in it. Interestingly, “meme coin” – Dogecoin – is also one of the most preferred cryptocurrencies.
However, 56% of participants admitted that they had taken on debt to nurture their bitcoin purchases. 23% of companions used their credit cards to allocate funds to the digital asset, while 1
Myron Jobson – a personal finance campaign at Interactive Investor – described this percentage as worrying:
“Young adults using credit cards, student loans and other forms of debt to invest are a worrying trend.”
He sounded a warning to young people that the huge debt could hurt their credit score and “therefore cause financial obstacles later in life.”
Speaking of the long-term period, 20% of companions revealed that they would save their savings in cash over a 10-year period. Crypto came in second with 16%, while investing in equities placed third with 14%.
1/3 of UK Crypto investors check their balances every day
The British people seem to have increased their interest in cryptocurrencies as recent research revealed that around 78% of adults have heard of digital assets. In addition, nearly 2.3 million individuals have owned or owned virtual currencies at one time or another.
It is worth noting that the way British residents think about crypto has also changed dramatically. They no longer see cryptocurrencies as speculative assets, but rather as a serious investment opportunity or alternative to traditional investments. In fact, 38% of the population last year compared the crypto market to gambling, while today the percentage has dropped to 9%.
Interestingly, the number of investors checking their balances daily rose to 29% – more than double from 13% in 2020. Overall, most Britons are long-term bullish. The study revealed that nearly 50% of cryptocurrency hodlers plan to increase their exposure in confidence that “they are making money at some point.”
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