Young Investors Taking Big Risks To Own Bitcoin and Dogecoin, According to New UK Survey
Young British investors are taking on large financial risks to get their hands on Bitcoin (BTC) and Dogecoin (DOGE), according to a new poll by market research firm Opinium.
Opinium surveyed 1,000 UK citizens between 18 and 29 years old from June 21st to June 25th.
The results of the survey show that Bitcoin is the most popular cryptocurrency, with 20% of survey participants claiming they bought the king coin at some point.
The survey notes, however, that young British investors are taking on additional risks to purchase BTC. Among those who invested in Bitcoin, half reported that they turned to debt to fund their investments, with 23% using a credit card, 17% relying on student loans and 16% leveraging another type of loan.
Of those who bought the popular meme cryptocurrency Dogecoin, 27% said they used a credit card, 17% used student loans and 12% cited another type of loan to fund their DOGE purchase.
The research also shows that cryptocurrencies are entering the mainstream as an option for young UK investors.
According to the survey, 45% of poll participants claim their first investments were in crypto, which is nearly twice the number of those who first invested in funds (23%). The survey adds that only 18% of young British adults made their maiden investments in the stock market, and 13% put their money into investment trusts.