Despite the crypto crash in May, Millennials are still investing—and they’re getting tips from TikTok. In the last six months, Bitcoin has lost almost half of its value, but according to the Bank of America, this isn’t stopping wealthy Millennials: “75% of wealthy young people…agreed that it’s no longer possible to achieve above-average returns in traditional investments like stocks and index funds, compared to 32% of wealthy people ages 43 and up.” While experts recommend allocating less than 5% of their investments towards crypto, the young investors surveyed by Bank of America say they’re allocating 15% to cryptocurrencies. This could be because over 60% of young people are getting crypto advice from social media; specifically TikTok, Instagram, and Reddit. YPulse research shows that young people want to incorporate cryptocurrencies into their everyday lives, with 56% saying they want brands to accept crypto as payment. (Business Insider)
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