Published On: Thu, Feb 8th, 2018

Millennials Much More Interested in Cryptocurrencies, Could Care Less About Stocks

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When it comes to investing among millennials, traditional stocks take a back seat to Bitcoin and other cryptocurrencies.
A Lack of Trust in Wall Street
While many older individuals see the volatile cryptocurrency market as proving too wild for their taste, millennials prefer to put their money in Bitcoin and alternative cryptocurrencies (altcoins) – as opposed to established stocks and bonds.
As is the case with this writer, many millennials have become disillusioned with the traditional stock market after the 2008 financial crisis – which happened while many millennials had only recently finished high school.
According to MarketWatch, over 82% of millennials claim their investment decisions are influenced by the economic crisis, which saw important players of major banks receive generous bonuses after nearly bankrupting the economy by losing $14 trillion in wealth. Many people lost their jobs, while also losing large portions of their personal wealth.

Because of this formative financial influence, millennials simply don’t trust the stock market. According to one study:
Just 33% of millennials say that they own stock, compared to 51% of Gen Xers (ages 36-51) and 48% of Baby Boomers (ages 52-70).
Another study asked participants where they would invest $5000 if they could only put it in one …

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