Millennials have their own thoughts on investing, and a large part of the cohort are still interested in bitcoin.
These young people, many of whom have soured on conventional investing, are becoming increasingly interested in cryptocurrency, according to a new study.
About 25 percent of those recently surveyed said they are using or holding cryptocurrency, which was born about a decade ago. And another 30 percent of millennials said that they want to investigate it further.
“Anyone that has crypto tells me they wish they bought it sooner,” according to Deidre Campbell, Global Chair of Financial Services at Edelman and the author of the study.
It is ironic that many millennials love these alternative currencies, since it has been a lousy year for returns on them. After a fat 2017, bitcoin was recently down for the year about 55 percent. Other coins, like ether and litecoin, have dropped more, according to Markets Insider.
BitMex CEO Arthur Hayes recently said the cryptocurrency bear market will likely continue for another year to 18 months.
Still, millennials are unusual investors. They are skeptical of many of the financial institutions and strategies that their parents used.
Two years ago, a Facebook survey found that only 8 percent of millennials trusted financial institutions.
The report also found that many write their own financial plans and have also achieved “financial independence and have maxed out their 401(k) plans,” Edelman said.
The Edelman survey defines affluent millennials as those between the ages of 24 and 38 who make $100,000 in individual or joint income, or have some $50,000 in investable assets.
Edelman surveyed some 1,000 affluent millennials (as well as 500 non-affluent millennials), along with 500 affluent GenXers, ages 39 to 52.