Many American students prefer to invest their loans in cryptocurrencies

Many American students prefer to invest their loans in cryptocurrencies

According to the Student Loan's survey, 21 percent of college students invest their money from student loans to purchase cryptocurrencies.

Student has conducted a survey among 1,000 college students in period from March 16 till March 20, 2018. The students were asked a question: "Have you ever used student loan money to invest in cryptocurrencies like Bitcoin?"

And 21.2% of students answered "yes".

In general, it is clear that students used their loan funds to buy Bitcoin or Ethereum, etc. hoping to pay off their debt quickly, because recently digital currencies have demonstrated astronomical sums. But, unfortunately, in 2018 such great currencies like Bitcoin and Ethereum have fallen.

Student Loan noted, that considering high volatility of digital currencies, the better way to repay student debts in the future is to stow money in a high-yield savings account. But when investing in cryptos, there is a chance they could hit the jackpot.

Founder of Student Loan Report, Drew Cloud, said: “Younger Americans are certainly the most enthusiastic about cryptocurrency; they are the most active investors and want to get involved in the space in any way possible. However, I truly thought the percentage would be lower. As a college student, your budget is thin and that extra money could be used on rent, groceries, or books.”


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