The cryptocurrency market correction is provoking some restlessness among college students. Nevertheless, despite having one of its worst week since 2018, undergrad college students and graduates are not ready to throw in the proverbial towel.
By their own optimism about cryptocurrency and determination to continue investing, these students are well prepared to ride out the storm.
Research shows that millennials are the driving force behind this year’s crypto market craze. They see digital assets as a long-term investment opportunity and a way to break away from traditional investment structures.
There has been some serious gains in the crypto market and those gains didn’t go unnoticed by college students and millennial investors. More than a fifth (21%) of college students or recent graduates invested in a cryptocurrency, according to a survey of more than 500 college students and grads published by College Finance, a site that specializes in advising student loan borrowers. The survey also reflected that more than (70%) of the students are tapping into their savings to fund their crypto investments. While another 15% are using their stimulus money to invest.
Another addition to the popularity of cryptocurrency, is how it is attracting more millennials and celebrities through social media. Philanthropist, Owner of the NBA Dallas Mavericks Mark Cuban and Telsa CEO Elon Musk, are Dogecoin’s celebrity fans. Both are constantly tweeting their opinions about the token and crypto in general. Musk likes Doge crypto because he likes jokes, he likes memes, and it is the perfect target for him. Well, it turns out that millennials like jokes, memes, and Doge is the perfect token for them as well.
Without a doubt, college students investing in the crypto-market can be a way to quickly add to their debt burden if bitcoin and other cryptos plummet in price. Conversely, for the lucky ones, an appreciation in crypto prices could help students pay off their debt faster. Nevertheless, for college students who are borrowing to invest in cryptos, it would be better for them to use their money to invest into themselves, by obtaining a college degree or certification.
