PanamaTimes

Friday, Mar 29, 2024

UK: Bitcoin and Dogecoin are the First Investment for 45% of Young People

UK: Bitcoin and Dogecoin are the First Investment for 45% of Young People

Nearly half of the young Briton choose the crypto market as the first investment option in their lives but most have used debt to do so, a recent study reveals.

45% of the UK residents aged between 18 and 29 responded that their first investment was in digital assets. However, more than 50% of the youngsters used debt to purchase cryptocurrencies.

Crypto Is Popular Amongst Young Brits

A recent poll conducted by Opinium for the investment platform Interactive Investor revealed that 45% of 18-29-year-olds in the UK dived into the crypto market as a first-time investment in their lives.

Out of all digital assets, bitcoin is by far the most popular among the youngsters as more than 20% of them invested in it. Interestingly, the “meme coin” – Dogecoin – is also one of the most preferred cryptocurrencies.

However, 56% of the participants admitted that they had taken on debt to fuel their bitcoin purchases. 23% of the attendants used their credit cards to allocate funds in the digital asset, while 17% went for student loans. A further 16% employed another type of loan.

Myron Jobson – a personal finance campaigner at Interactive Investor – described this percentage as distressing:

“Young adults using credit cards, student loans and other forms of debt to invest is a worrying trend.”

He sounded a note of caution for the youngsters that the huge debt could damage their credit scores and “therefore cause financial obstacles later in life.”

Speaking of the long-term period, 20% of the attendants revealed that they would store their savings in cash over a 10-year period. Crypto ranked second with 16%, while investment in shares placed third with 14%.

1/3 of UK Crypto Investors Check Their Balances Every Day

The British people seem to have boosted their interest in cryptocurrencies as recent research revealed that about 78% of adults have heard of digital assets. Moreover, nearly 2.3 million individuals hold or have owned virtual currencies at some point.

It is worth noting that the way UK residents think about crypto has also changed dramatically. They no longer see cryptocurrencies as speculative assets but rather as a serious investment option or alternative to traditional investments. As a matter of fact, last year, 38% of the people compared the crypto market to gambling, while the percentage nowadays has dropped to 9%.

Interestingly, the number of investors who check their balances daily increased to 29% – more than double from 13% in 2020. Overall, most of the Brits are long-term bullish. The survey revealed that nearly 50% of cryptocurrency hodlers plan to increase their exposure trusting that “they’ll make money at some point.”

Source: UK: Bitcoin and Dogecoin are the First Investment for 45% of Young People – Fintechs.fi

Newsletter

Related Articles

PanamaTimes
0:00
0:00
Close
Apple warns against drying iPhones with rice
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
Global Law Enforcement Dismantles Lockbit Ransomware Operation
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
The President of Argentina Javier Mile does not fly private, he flies commercial, with the citizens he represents. And they LOVE him for it.
Bitcoin Reaches $50,000 for First Time in Over Two Years
Belo Horizonte: Brazil's Rising Carnival Hotspot for 2024
In El Salvador, the 'Trump of Latin America' stuns the world with a speech slamming woke policing after winning a landslide election
Tucker’s interview with Putin is over 50M views on X within the first 5 hours.
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
President Nayib Bukele has proudly announced El Salvador's remarkable achievement of becoming the safest nation in the Western Hemisphere.
Former Chilean President Sebastian Piñera Dies in Helicopter Crash
This farmer seems to understand science a bit more than the event organizer, Klaus Schwab.
Facebook turns 20: From Mark Zuckerberg's dormitory to a $1trn company
The Coolest Dictator in the World" on the Path to Victory in El Salvador
Macron, France and fake news
Indian-Origin Man 'King' Arrested For Smuggling $16 Million Drugs Into US
Can someone teach Americans that not every person with slanted eyes is Chinese?
Europe's Farmers Feeding the People, Protesting Against Politicians Who Do Nothing for Their Country and Serve Only Themselves at Taxpayers' Expense
Paris Restaurant That Inspired 'Ratatouille' Loses $1.6 Million Worth Of Wine
Brazilian Police Investigate Bolsonaro's Son for Alleged Illegal Spying
Police in Brazil Raid Residence of Bolsonaro Associate Over Allegations of Illegal Spying
Border Dispute Escalates as Texas Governor Vows Increased Razor Wire
OpenAI Enhances ChatGPT-4 Model, Potentially Addressing AI "Laziness" Issue
The NSA finally acknowledges spying on Americans by acquiring sensitive data
Report Reveals Toxic Telegram Group Generating X-Rated AI-Generated Fake Images of Taylor Swift
US Border Patrol States 'No Plans' to Remove Razor Wire Installed in Texas
Bitcoin Experiences Approximately 20% Decline in Value
Klaus Schwab recently appointed himself as the Earth's "trustee of the future."
DeSantis Drops Out, Endorses Trump.
Nikki Haley said former President Trump is "just not at the same level" of mental fitness as he was while president in 2016.
Residents of a southern Mexican town set the government palace on fire in response to the police killing of a young man
Samsung Launches AI-Driven Galaxy S24, Ushering in New Smartphone Era
Judge Questions SEC's Regulatory Overreach in Coinbase Lawsuit
The Ecuador prosecutor who was investigating the television studio attack, has been assassinated.
Is artificial intelligence the solution to cyber security threats?
Vivek Ramaswamy suspends his US election campaign and endorses Trump.
Viral Satire: A Staged Satirical Clip Mistaken as Real Footage from the 2024 World Economic Forum in Davos
The AI Revolution in the Workforce: CEOs at Davos Predict Major Job Cuts in 2024
Ecuador Reports 178 Hostages in Prison Gang Standoff
The Startling Cuban Espionage Case That Has Rattled the US Government
Two Armed Men in Ecuador, Dressed as Batman and The Joker Storm the Streets.
Armed Gang Raids Ecuadorian TV Station Following State of Emergency Declaration
Anti-Democratic Canada: Journalist Arrested for Questioning Canadian Finance Minister on Support of Terrorist Group
Ecuador's 'Most-Wanted' Criminal Vanishes from Prison
Mexican Cartel Supplied Wi-Fi to Locals Under Threat of Fatal Consequences for Non-Compliance
Border Surge Leads to Over 11,000 Migrants Waiting in Northern Mexico
Outsider Candidates Triumph in Latin American Elections
As Argentina Goes to the Polls, Will the Proposal to Replace the Peso with the Dollar Secure Votes?
Fatal Shark Attack Claims Life of Boston Woman Paddleboarding Near Bahamas Resort, According to Police
×