Woke young Lib Dems most likely to turn to crypto, study finds
Crypto is a smash hit with young investors, particularly those with left leaning political views according to a new study.
Young people, particularly those with left-leaning views, make up the majority of UK crypto investors with the Liberal Democrats found to be the natural political home of digital asset enthusiasts.
A resounding 29 per cent of LibDem voters hold crypto currency compared to just 15 per cent of Conservative and 19 per cent of Labour supporters. The Green party placed second with 24 per cent of voters investing in crypto.
Liberal Democrat Business Spokesperson Sarah Olney MP confirmed that crypto has the party’s support. “In today’s increasingly digital world people have so many opportunities to make the most of new technologies – and cryptocurrencies are an example of that,” she said.
“Liberal Democrats believe that we must take full advantage of the ongoing fourth industrial revolution to improve people’s lives and create opportunities for everyone,” Olney added, before urging the government to work with its international partners to make blockchain technology more “climate friendly.”
Chief among the reasons cited for crypto ownership is a mistrust of traditional banks and financial institutions.
Nine per cent of people surveyed own crypto making it a more popular investment choice than government or corporate bonds, gold and commodities.
The anti-establishment identity of crypto gives it an edge with younger investors. The survey, conducted by market research firm Savanta, found that 15 per cent of 18 to 34 year olds dabble in digital assets compared to just two per cent of over-55s.
Stephen Palmer, EVP of Financial Services at Savanta, said “the age and political demographics of crypto investors makes one thing clear: the unregulated, anti-establishment nature of the currency clearly chimes with a certain left-leaning, younger crowd.”
“What cannot be denied though is that crypto is very much becoming a mainstream conversation,” Palmer added, speculating that tightening regulation may bring sceptics onboard in future.
Interest in crypto amongst the young may also have something to do with the rise of crypto influencers online.
TikTok recently took the decision to ban financial services from its platform after influencers were found to be dishing out dubious advice. Lifestyle guru Kim Kardashian was even name checked by the UK’s financial watchdog for promoting the mysterious Ethereum Max project to her 250m online followers.
Read more: FCA chair urges investors not to take cryptocurrency advice from Kim Kardashian