Who exactly is investing in cryptocurrency? It’s fair to assume that the main adopters are a much younger, tech-savvy audience of millennials who have a better understanding of the opportunities afforded to them by digital investments than older generations before them.
A recent study by Blockchain Capital discovered that, if they had the opportunity to invest $1,000, 30% of those aged between 18-34 would put it in Bitcoin as opposed to government bonds or stocks. In the same survey, it was revealed that 42% of millennials have heard about Bitcoin when compared against 15% of those aged 65 and up.
Whilst cryptocurrency investment is available to anybody and everybody, the online, connected nature of the movement certainly favours a younger audience who have grown up with the internet, smartphones, tablets and are more easily able to research and identify profitable online-centric opportunities available to them.
How to attract millennials to your cryptocurrency investment platform
Chief market strategist JJ Kinahan of TD Ameritrade has gone one step further and claimed that the cryptocurrency market represents the ‘greatest opportunity’ for millennials to trade.
"People complain that we haven't gotten millennials to trade. Maybe this isn't the product I'd like people to start with, but this is the greatest opportunity we've had in the market to get people who weren't traditionally interested in the market," he says.
He’s not wrong either when looking at current trends. A study by the London Block Exchange says that one in three millennials will have invested in a cryptocurrency by the end of 2018, with the incredible rise of value in Bitcoin helping to attract astute, tech-savvy investors.
Their survey also discovered that 5% of those aged below 35 already have cash invested in a digital currency while 11% are planning to invest in one this year. 17% say they are ‘seriously considering’ investing in a cryptocurrency by the end of the year. Again, the research suggests that younger investors aren’t that interested in shares, bonds and other traditional investments.
Attracting millennials to your platform and keeping them there
LBX Founder and chief executive officer Benjamin Dives says of the study: “This study underlines the gulf between the younger generation’s view of money and that of their parents and grandparents, who had assets perform so well for them in pensions or property. Millennials clearly feel left behind by the old system and are looking at cryptocurrencies as a new dawn.”
It's hard to disagree, and numerous reports and studies show that’s a train of though in line with the values of many millennials the world over. For those that are operating their own cryptocurrency platform, there’s therefore huge opportunity to reach out to that market, speak to them and keep them as long-term investors if you get your message right and build a platform that works for them.
The best way to do that is to work with an experienced partner who will help you to refine your platform and identify the investors most in tune with your brand, working to attract them to your platform and extolling its benefits to them in numerous ways to make yours their digital currency provider of choice in what is fast becoming a crowded marketplace.
Find out more about how to make your digital currency platform stand out from the competition and attract the right audience by speaking to a Fibonatix specialist today.