Why Millennials are 11 times more likely to invest in cryptocurrency than Baby Boomers
Soaring house prices and an appetite for risk are said to be two of the driving factors behind Millennials being 11 times more likely to invest in the digital currency than baby boomers.
Barney Tan, Associate Professor of Business Information Systems at the University of Sydney Business School, spoke with Tom Elliott about the stock market phenomenon on Friday.
“The appetite for risk tends to be bigger because they can afford to fail at their age,” he said.
“But you must also understand that for young Australians the future looks really, really bleak.
“With soaring property prices we’re seeing all across the country, the ‘Australian dream’ of home ownership is essentially gone.”
Tom Elliott admits he’s concerned by the amount of money being invested.
“My concern is that nobody actually does anything with cryptocurrency,” he said.
“It is purely used as a vehicle for speculation and those sorts of things usually end badly.”
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