Despite the growing popularity of cryptocurrencies like bitcoin, there is evidence that younger investors are still more drawn to traditional methods of investing and trading, at least according to Vlad Tenev, co-founder of Robinhood.
Robinhood allows users to trade stocks via mobile, a proposition that has proved particularly engaging for younger investors: 78% of the app’s customers, which currently number about 2 million, are millennials.
Tenev doesn’t see that 78% evaporating to go invest in bitcoin any time soon. Tenev told CNBV yesterday:
I wouldn’t say that we’re anticipating a massive shift from stocks to cryptocurrencies…We don’t see the equities market going away anytime soon.
While bitcoin certainly has its draws for the millennial generation — more than a third of millennials said they planned to invest in bitcoin, according to an August study by LendEDU. There are also concerns about the currency’s security, anonymity, usability, and increasingly, legality.
More simply, with one bitcoin currently worth over $4,700 USD, there are some who feel the currency might have passed the point of accessibility, at least for those who are just starting their investment plans.