There might be a way to lure millennials to trade. According to JJ Kinahan, chief market strategist of TD Ameritrade, the cryptocurrency market may be the way to persuade the generation to dive into trading, as told by Kinahan on CNBC.
Monday closed with digital currencies dropping, despite of the fall, cryptocurrencies have received large gains over the past year.
Kinahan also added that most of the people whine because millennials seem to don’t have the eagerness to trade. He described that cryptocurrencies is not the best market to start with, but it is seen as the best opportunity in the market to get people who were not initially interested in the market to trade.
After the past year, bitcoin-considered as the largest digital coin according to market cap- has gained more than 1,500 percent. Meanwhile, Ripple soared 35,000 percent the previous year alone.
The sudden rise of bitcoin has caused some, like the CEO of J.P. Morgan Chase Jamie Dimon, to categorize bitcoin as a fraud and others to state that the digital currency is in a bubble.
TD Ameritrade announced last month that it was providing clients access to Cboe’s bitcoin futures, which started it trade in December.
Kinahan stated that the company initially advise clients to use ten percent of their money to test the market. But according to millennials, they are willing to use ninety percent to speculate.
He said that he does not necessarily agree with the millennials. He added that for people to outright say that they’re wrong is silly.