UK Students Are Increasingly Investing in Cryptocurrencies, Survey Finds

A survey released by Save the Student, a UK financial advice website, unveiled a growing trend in British students investing in Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. According to the study, the figure has tripled from 2% to 6% in terms of younger students that make money from virtual currencies.

The report, dubbed 'The National Student Money Survey 2021', interviewed 2,038 university students between May and August 2021, revealing that a vast majority of them face expensive living costs of almost GBP 810 monthly, which is a situation that encourages them to seek additional sources of income. “There has been a lot of media attention this year about the growing number of new investors getting involved in trading crypto, as the likes of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term and Ethereum experienced a ‘boom’ in the market,” the poll noted.

However, Save the Student highlighted in the survey some findings related to the crypto investment risks, suggesting that some have expressed ‘concerns’ on younger people being amateur in the culture of investing because of the current crypto hype without fully understanding the associated risks. “With a growing proportion of students saying that they’re investing in cryptocurrencies, it’s evident that young people need to receive clear, balanced information about crypto to ensure they’re making careful financial decisions,” the study pointed out.

Coronavirus as a Critical Factor

The factor that students are eager to seek new ways to generate additional incomes aligns with one of the survey findings, which noted that the average UK student earns GBP 404 a month from their part-time job. Furthermore, just 74% of the students interviewed claimed that they had a part-time job, which is a negative figure, as it plummeted to 66% in 2021, according to Save the Student.

But, the survey highlighted that coronavirus was a major factor that influenced such numbers: “Particularly with so many businesses facing temporary, or even permanent, closures due to the coronavirus pandemic, some students who’d had part-time jobs before the pandemic were required to look for money elsewhere to make up for lost income.”