Investment in cryptocurrency is now a popular trend among the younger generation who are now taking up investments at an exceeding rate. According to a survey taken by 2000 people, 40% of them stated they plan to use micro-investing platforms or they are currently using them, reported by the Financial Services Council.
The chief executive of FSC, Richard Klipin stated the number of digital investors has significantly increased in the industry over the past 18 months. According to Klipin, the data from FSC research revealed at least 38.2% of adult New Zealanders are currently using micro-investing platforms or are planning to do so. This number makes up for 1.5 million Kiwis and represents a transformational shift in how the populace is investing their money, according to Klipin.
According to Klipin, the transformational shift was significantly higher in the younger generation; around 55% of young adults under 40 years of age are included in the shift.The research showed a higher percentage of respondents with investments in NZ, rising from 23% up to 30%, while those who invested with internal shares rose from 11% up to 18%The number of investors holding cryptocurrencies also rose from 3% to 9.5% between March 2020 and April 2021.
The research indicated that the majority of the respondents were currently using or planned to use new technology such as digital wallets, micro-investing platforms, and digital asset tools.
Klipin believed the covid-19 pandemic was the main reason for the drastic boost of crypto users in recent times. He also stated the majority of respondents cited that convenience and the potential to grow money was the main reason to use micro-investing platforms. According to the data report, Klipin stated the majority of the respondents were concerned with the risks associated with cryptocurrency, while about 80% were concerned about privacy risks overall.
