But what attracts millennials in particular to cryptocurrencies? Is it because 18 to 34yr olds were either babies or at most a teenagers during the dotcom bubble of the 1990s and would not recognise the parallel with bitcoin mania?
Second, there is, possibly, a cultural element. Owning a currency that could be worth something or nothing depending on the day may be another reflection of youthful rebellion. For some, the fact that cryptocurrencies are highly risky investments that are not subject to any regulation (and that regulators are warning against) is an attraction, not a deterrent. Young people blame all those advising them against digital currencies for the fact that they are worse off than their parents. In the US, fewer millennials own homes than previous generations, and even fewer are out-earning their parents when they were the same age. As university tuition fees have soared, millennials also enter the job market burdened with massive debt.