Crypto investments are a favorable investment option for investors of different age groups. Be it Gen Z or Millennials, everybody seems to love this market and its vivid options of coins. If you are asking how to use Bitcoin, check out how to withdraw Bitcoin from a cryptocurrency exchange.
But, a recent survey by Bankrate shows that this popularity is fading at high speed among millennial investors. This is the case of the present year when the survey found this shocking result.
Every age group was interested in sharing their investments in Crypto. Though many renowned investors like Warren Buffet shared their opinions against this market! Despite that, the number of investors was rising beyond anything. But, at present, there is a sharp fall in popularity, particularly among millennials!
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A Drop In The Comfort Levels In the Case Of Crypto Investments
In the survey of Bankrate, you can notice that there is a fast decline in the case of Bitcoin. This coin has been by far one of the most influential ones and the dominant coin too. BTC was very popular among millennial investors. Despite being the biggest fan of this Crypto, the coin has lost its fame among these investors this year.
Also, looking at the slow growth in the value of all the coins, the majority of the American investors are losing their interest in Crypto. There is a drastic amount in the number of American traders who were comfortable with Crypto last year by over 39%. For millennials, this amount is, even more, that is around 42%.
The fall in this comfort level is extreme in the cases of BTC and ETH this year. The drastic fall for BTC is around 72% and it is 73% for ETH. This drastic fall is after both these Cryptos faced their all-time high last year!
More than 35% of American citizens shared that they were comfortable to a certain extent investing in digital currencies in 2021. But, this year, the scenario is not the same anymore. Around 21% of the citizens are comfortable investing in this risky market this year.
If we compare the situations, it becomes clear that older investors have low comfort levels for investing in this market. And, in comparison to Gen Z, millennial traders are now less comfortable investing. The levels of being comfortable fell drastically among millennial traders.
Social Media As The Information Hub
Many experts and advisors do not have a positive response toward the crypto space. This is because of a lack of clarity and quality information related to this industry. Also, they warned the traders that they may face losses by investing in Crypto as there is less information about it. And, many people fail to understand the true nature of or form proper strategies to trade in this market.
In a survey, it was found that Gen Z investors depend on social media and its influencers to gather financial advice. Millennial traders rely on social media as well, but the rate is somewhat lesser than Gen Z.
But most American citizens do not think that social media is a good option for seeking financial knowledge. And, in a survey, more than 65% of Americans agree with this fact.
Majority of the traders believe that financial advisers are the best and most reliable options to seek information. And, around 21% of millennials visit financial advisers.
Crypto Includes High Risk
It may seem easy to earn decent gains from Crypto as it seems on social media, but the reality is different from that. In reality, many investors do not earn any profits or even face heavy losses as they lack a proper understanding of the market.
Regardless of any investment, the factor of high risk is always present in this industry. To earn a good amount of profit, you need to have a good grip on your decisions and form proper strategies. Along with that, government regulations will affect the market and its operations to a great extent.
Conclusion
The Cryptocurrency industry involves a high amount of risks and as an investor, you may face huge losses as well. And with the fluctuations ongoing in the market at present, not only millennials, but investors of other age groups are uncomfortable investing in this market.
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