Most of us have heard of bitcoin and the countless other cryptocurrencies currently dominating the market. Maybe some of us have even invested in these coins in the hopes of scoring some serious return. Whatever your involvement, if you fit under that ‘oh-so infamous’ millennial demographic, then chances are, you’re all about the cryptocurrencies.
Thanks to a study by Blockchain Capital, 30% of millennials would rather invest $1,000 into bitcoin versus government bonds or stocks. Pretty interesting, right? Bitcoin prices have fluctuated dramatically over the past year. Depending on when you purchased, sometimes your return on investment is pretty amazing and other times, it’s not so hot. But it’s clear that millenials would rather take a greater risk in their investment, with the hopes of a high return, than play it safe with a government related investment.
Similarly, 42% of millennials know a thing or two about bitcoin, compared to only 15% of people aged 65+. Millennials are staying current with trending cryptocurrency news and are making time-sensitive investments based on the market.
However, there are some lessons to be learned as novice cryptocurrency investors. Because, let’s face it, there are some serious downfalls and risks to this market. For example, there are “trading bots” that will artificially inflate coin prices to spike interest — essentially they manipulate price momentum and volume. It can be tricky to notice these patterns so one of the best ways to “monitor” these situations is to rely on a cryptocurrency trading analytics platform.
Likewise, know your risk. This may be easier said than done but it will be very helpful as you grow your investment portfolio. Keep an eye on the market daily so you can be prepared to adjust your less stable investments into more stable investments.
I don’t claim to be a cryptocurrency expert (believe me, I am not!). However, I am a millennial, like most of you, who is interested in diving head first into the cryptocurrency world. So do your homework, make smart investments, and monitor your portfolio. What do you have to lose? …
Tweet @StarterNoise to tell us your thoughts on investing in cyrpotcurrecnies as a millennial.
Katherine is a newbie to Denver. She recently completed her Masters in Peace and Justice Studies at the University of San Diego. When she isn’t trying to save the world, Katherine is all about trying any and all delicious foods, hitting up the beach but not actually swimming (deathly afraid of sharks), and taking as many hikes as humanly possible.