Many young millennials in the world today have developed an interest in day trading and other forms of investments lately. This development has been catalyzed by the recent boom in cryptocurrency and the record-high stock prices. As a result of this, many people who have some savings and stimulus money are trying to invest in everything from dogecoins to cryptocurrencies. Since March 2020, the stock market has seen a surge of almost 100 percent. Meanwhile, the trading value of Bitcoin has also seen an uptick and has shot up to $64,000 in April.
There are many millennials who have quit their jobs in an effort to make day trading their full-time jobs. Many of them feel that they could make more money if they spent the time at home investing rather than earning meager salaries at their workplaces. There is the appeal of becoming rich quickly with the exponential growth the world of cryptocurrency is experiencing. People are frustrated with the low-paying jobs and there is also a distrust regarding the big financial institutions.
However, the world of crypto is also fraught with many risks. Many young millennial investors are making mistakes in trading cryptos. According to some experts, many of them are taking up a lot of speculative assets in their portfolios that could turn out to be risky. Besides this, they have determined a very short investment horizon as well. Cryptocurrencies can be quite risky for small-time investors who lack knowledge about them, as they are susceptible to wild swings.
