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Bloomberg: Young people buy bitcoin to be in trend

Bloomberg has found out what drives the crowd’s desire to buy the most famous cryptocurrency on the market as quickly as possible, despite the rising prices.

The American market was swept by a wave of excitement around bitcoin. The stories of how people became millionaires by investing in cryptocurrency in due time excite the imagination. However, according to Bloomberg, newbies are now driven by the desire to be in trend.

23-year-old Amber Wells from Atlanta, USA, recalls hearing about bitcoin many years ago, when the cryptocurrency rate was relatively low.

“Suddenly I hear people say, ‘Now I’m a millionaire!’ And I think, “Oh, God, I could literally be in your place,” – said Wells.

Wells bought bitcoin in January, even though bitcoin was high. As Bloomberg found out, many new bitcoin investors are hesitating to buy bitcoin because of social media influencers.

Bitcoin fever

Square’s Cash App remains the most popular way of buying bitcoin among American youth. In December 2020, American rapper Megan Jowon Ruth Peet even raffled off $ 1 million in bitcoin among their subscribers via the Cash App. In November, it became known that Square (the developer of Cash App) sold over $ 1.63 billion in bitcoins.

At the same time, the Cash App application brought the developer a total of $ 385 million in gross profit for the III quarter of 2020.

Israeli social trading service eToro reported more than 530,000 new users in the first two weeks of 2021, despite the recent scandal.

The platform still records more than 100% growth of new users investing in cryptocurrency, the company noted.

Point of no return

The excitement around Bitcoin is seen not only in the cryptocurrency market or among millennials. According to an internal survey of Bank of America clients, long positions in bitcoin overtook long positions in tech companies for the first time since 2017. Investors interviewed by the American bank note an unprecedented rise in interest in buying cryptocurrency.

However, regulators also notice the phenomenal growth of cryptocurrencies. The Financial Conduct Authority (FCA) has previously warned crypto investors about the risk of losing cash due to volatility, product complexity and lack of consumer protection regulation.

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