Millennials are finding different ways to diversify their income, and some of that diversification takes risks, and it’s paying dividends (no pun intended)
According to a study by Bank of America’s 2022 Private Bank Study of Wealthy Americans, wealthy millennials are pouring cash into crypto despite the price of crypto dropping 48% in the last six months.
Between May and June 2022, 75% of young people with a high net worth agreed that it’s no longer possible to achieve above-average returns in traditional investments like stocks and index funds.
Cryptocurrency (or “crypto”) is a class of digital currency created using cryptographic techniques that enable people to buy, sell or trade them securely.
There are ways individuals can profit from crypto a technique called “staking”, holding cryptocurrency in an account and letting it collect interest and fees as those funds are committed to blockchain validators.
The downside is that there have been many horror stories of people losing their life-savings when the crypto market crashed earlier in May, but that hasn’t deterred young people (ages 21-42) from investing.
And guess where they get their financial advise from? Social Media!!
Majority of the information comes from platforms like Instagram, TikTok, and Reddit.
So if you are ready to invest in crypto and are on the fence, just remember there is no reward without risk! Do you research and ask questions.