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Wealthy Millennials Are Investing in Cryptocurrency, Research Shows

Cryptocurrencies are still fledgling assets and new research shows it is the youngest generation of investors that has the best understanding of the sector.


Research by British legal firm Michelmores LLP into affluent millennials - the generation born between 1981 and 1996 - with investable assets of £25,000 ($31,000) or more, shows that 20% have invested in cryptocurrecies such as bitcoin.


This far surpasses the national average of 3%, and even rises to 29% for millennials with more than £75,000 ($93,000) worth of investable assets.


Millennials also take their investments seriously - putting in their own research - and are more likely to engage with investment firms and exchanges electronically, with 35% saying they invested through digital and online platforms, while 27% said they consulted social trading platforms and e-communities of traders.


A Generation of Investors

Previous generations of young people have rarely earned reputations for prudence - more often in the past, they have been seen as profligate with scant regard for establishment ideas such as investment.


The research shows this view needs to be re-examines, as 70% of the 501 individuals interviewed for the study admitted that their wealth had come from salary or wages, while 40% was through returns on investment products. Andrew Oldland QC, senior partner at Michelmores, said:


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