Earlier in the year, millennials saw great potential in Bitcoin and favored it as a preferred investment, more so than any other generation. In fact, according to CNBC, millennials were 5 times as likely as older adults to say Bitcoin is the best way to save for the future. Millennials’ interest in Bitcoin as an investment might come as a surprise considering they are the age group least likely to invest. However, given the rapidly deteriorating price of this cryptocurrency, millennials are unlikely to feel as favorable towards this new technology.
In light of this, traditional methods of investment will seem more appealing and some banks are preparing for this shift in attitude such as BlackRock which has recently announced that it is getting ready for Millennial investors. This is a wise move for both investors and millennials, for the former Gen-Xers and Millennials are beginning to accumulate more wealth, and for millennials, they will undoubtedly need to make better investments than generations before them in order to prepare for retirement.
But for millennials trust can be a big issue. One of the reasons why Bitcoin has become so popular as a technology is due to its decentralized nature, and the fact that it is not an organization, it is a community. For Millennials banks have a tarnished reputation and their faith in this industry is incredibly low. But outside of banks and Bitcoin, what are the best options for millennial investment?
Fortunately we live in a time when great ideas can flourish outside of conventional institutions, and as a result, a number of fintech and investment startups have blossomed to give us back more control over our money. One of these options is Dwealth, the first ever robo-advisor that’s disrupting traditional financial services operations.
Dwealth’s goal is to enable low and middle-class citizens across the world to diversify their investment portfolios, easily, affordably, and professionally. Opportunities that were once reserved for a select few. The company just launched an investment round to raise $500,000 at Fundable, a platform that enables accredited investors to invest in early-stage startups and businesses with the goal of completing the final stages of development and funding before market release.
Whatsmore, Dwealth’s mobile app will allow users to sign up, link their funds and start investing within days. Usually this is a lengthy process: opening a brokerage account would usually take up to six months for non-resident in the US, spanning from visa application to account creation. Thanks to the work of startups like Dwealth, millennials, along with other generations, have more novel and reliable methods to invest than ever before, with a better chance of saving retirement funds which they will undoubtedly need.
Disclosure: This article includes a client of an Espacio portfolio company