Bitcoin and Dogecoin are the most popular investment option of the 45% of young Britons investors
Opinium conducted a quick survey for investment platform Interactive Investor, revealing that 45% of 18-29-year-olds in the UK have entered the Bitcoin and crypto market as an investment for the first time in their lives.
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45% of young investors aged 18 to 29 say their first investment was in Bitcoin and cryptocurrency
Almost half of UK residents between the ages of 18 and 29 admit that their first investment was in digital assets. However, more than 50% of young people used debt to buy cryptocurrencies.
Among all digital assets, Bitcoin is by far the most popular among young people as more than 20% of them have invested in it. Interestingly, DOGE is also one of the most preferred cryptocurrencies, not Ethereum.
“Bitcoin was far and away from the most popular cryptocurrency.”, the report stated. “Meanwhile, 27% of respondents admitted to using their credit card to invest in Dogecoin.”
However, 56% of the participants admitted that they borrowed money to finance their Bitcoin purchases. 23% of attendees used their credit cards to market assets, while 17% went to student loans. The next 16% use a different type of loan.
The use of credit cards, student loans, and other forms of debt for investments by young people is a worrying trend. Furthermore, huge debt can damage their credit score and thus cause financial obstacles later in life.
In the long-term, 20% of the participants revealed that they would store their savings in cash for a period of 10 years. Cryptocurrencies came in second with 16%, while investing in stocks came in third with 14%.
British people seem to have increased their interest in cryptocurrencies as recent research shows that around 78% of adults have heard of cryptocurrency. Furthermore, nearly 2.3 million individuals are holding or have owned crypto at some point in time.
It is worth noting that the way the UK people think about cryptocurrencies has also changed significantly. They no longer see cryptocurrencies as speculative assets but as a serious investment option or alternative to traditional investments. In fact, last year, 38% of people compared the crypto market to gambling, while today the percentage has dropped to 9%.
Interestingly, the number of investors checking their balances daily has increased to 29% – more than double from 13% in 2020. Overall, most Britons are bullish in the long term. The survey revealed that almost 50% of crypto sellers plan to increase their visibility in the belief that they will someday make money.
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