As 2018 closes, it’s no surprise to see more and more young people interest in investing in cryptocurrency instead of stocks or bonds. This has been a long-monitored trend that’s now hit a total high of 88% of Millennials showing interest in crypto. There are many varying reasons for this shift, from technological advancements to a lack of faith in existing financial systems.
Yet considering the risks involved with owning cryptocurrencies, it’s no surprise that Millennials are one of the largest age groups to invest in crypto. The idea of being in control of one’s money without having to go through a bank to gain access to funds seems to appeal to the younger generation in particular, regardless of risk factors.
Crypto for the Long Term
Cryptocurrencies being used by Millennials to save for the future could be quite revolutionary if the concept catches on. Recent findings and studies show that 95% of American Millennials are not properly saving for their future. Moreover, the study also found that two-thirds (66.2%) of working Millennials have nothing at all saved for retirement. Yet as more Millennials invest in cryptocurrencies, new opportunities for putting crypto assets toward a 401(k) or IRA are becoming appealing and even plausible.
While the idea of using cryptocurrencies to save for retirement funds is still a very new concept, the solution for mass adoption certainly lies within the creation of the correct technology to accommodate the growth. Yet for now, just shedding light on the fact that Millennials are using cryptocurrencies to save for the future is providing the younger generation with a new sense of hope and even more opportunities for a secure future.