Wealthy Millennials Are Investing in Cryptocurrency, Research Shows

Neil Dennis

Cryptocurrencies are still fledgling assets and new research shows it is the youngest generation of investors that has the best understanding of the sector.

Research by British legal firm Michelmores LLP into affluent millennials - the generation born between 1981 and 1996 - with investable assets of £25,000 ($31,000) or more, shows that 20% have invested in cryptocurrecies such as bitcoin.

This far surpasses the national average of 3%, and even rises to 29% for millennials with more than £75,000 ($93,000) worth of investable assets.

Millennials also take their investments seriously - putting in their own research - and are more likely to engage with investment firms and exchanges electronically, with 35% saying they invested through digital and online platforms, while 27% said they consulted social trading platforms and e-communities of traders.

A Generation of Investors

Previous generations of young people have rarely earned reputations for prudence - more often in the past, they have been seen as profligate with scant regard for establishment ideas such as investment.

The research shows this view needs to be re-examined, as 70% of the 501 individuals interviewed for the study admitted that their wealth had come from salary or wages, while 40% was through returns on investment products. Andrew Oldland QC, senior partner at Michelmores, said: 

There are many stereotypes attached to millennials – whether it’s that they spend their money frivolously or that they are overly reliant on the Bank of Mum and Dad long into adulthood. Our research challenges these myths, revealing that a significant portion of this generation who have £25,000 or more have amassed these assets themselves.

Millennial Wealth Growth

While Michelmores' research shows that millennials are saving and investing their way to wealth, it remains highly likely that large amounts of money will be passed down to this generation from parents in the baby-boomer generation.

Research published in July by digital investment firm Grayscale suggested investment in traditional assets such as gold will decrease in the coming years as the younger generations build portfolios with more digital assets in them.

Barry Silbert, chief executive of the asset management firm, said that over the next couple of decades around $68 trillion of investment in the US alone will be passed down the younger generations. He added: 

To the millennial generation gold is seen as the establishment: it's the banks, it's old people. Bitcoin is young and innovative: it's a disruptor. It's an investment in vision and entrepreneurship.

 

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Monero Cryptominers Exploit Windows 7 EternalBlue Vulnerability

Michael LaVere
  • Security researchers at Guardicore Labs outlined a crypto mining attack exploiting a significant Windows 7 vulnerability.
  • Monero cryptominers were able to infect a network using the EternalBlue WAV audio file vector.

Researchers at security firm Guardicore Labs have discovered a significant crypto exploit using outdated Windows 7 audio file technology.

According to the initial report by Guardicore, security researchers Ophir Harpaz and Daniel Goldberg revealed how a medical technology business was attacked by Monero cryptominers using a WAV audio file to hide the malware. Attackers were able to exploit the EternalBlue vulnerability in the Windows 7 operated network. 

The report states, 

The victim network was infected with a well-obfuscated malware, hiding a Monero cryptominer inside WAV files. The attacker attempted to propagate within the organization by infecting machines running Windows 7 – an operating system soon becoming End-of-Life – and exploiting the infamous EternalBlue vulnerability.

In an interview with Forbes, researcher Daniel Goldberg called the security risk for Windows 7 users “crazy high.”

He said, 

The risks are crazy high to organizations facing this WAV-based attack if they are running a Windows 7 system after EoL, before the quarter is over, there will be other vulnerabilities discovered in Windows 7 too that will not be fixed by Microsoft and will also be easy to exploit.

Goldberg recommended updating all software still running Microsoft 7 or isolating machines that cannot be upgraded from the rest of the network. 

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