In recent months, it’s been quite amazing to watch the good, the bad, and more recently, the ugly on bitcoin and various other Altcoins.
Here’s the thing: who exactly is riding these waves? When did they get in? More importantly – are they still avid market participants and are they making any money?
According to James Altucher, the “face of bitcoin,” something like 70% of Bitcoin is owned by men under 35. In our own research, we found in general, that statistic balloons when it comes to the entire crypto market. We found about 94% are male, with 82% under 35. Why does this make a difference?
Well, they say women are smarter than men (I’m male myself FYI) so it seems like the smart money, in this case, are doing other things with their money. But in reality, the real statistic to note is that if you take a general average, say 75% men, and throw in that they’re under 35 years of age…..well now we have quite the stat to mull over.
Let’s break that down.
All of these participants account for the majority of coin speculation. And coin speculation right now is the only thing coins exist for – trading. So we’re looking at young males virtually everywhere buying and selling cryptos in the hopes of making a small fortune.
Has it happened to them? Sure, maybe. But, considering we scoured NY and the web for a few moneymakers, we found 6 of 200 people in that statistic group we surveyed who actually made money and continue to do so. All 200 continue to trade, yes, but 6 are continuously ‘in the money’. That is 3%. Three. Most of you have heard the saying “5 percent of the population owns 90+ percent of the nation’s wealth. Well, that statistic gives you a window into why.
In this case, that statistic may be held tighter. Three percent(3%) in our test seems to own the bulk of the wealth in this crypto game. Considering they were male and under 35, that statistic is even wilder.
So, generally speaking, if you’re a young guy, the consensus is you should be trading cryptos. It may work out for you. Just remember those facts the next time you dream about buying that exotic car off of the digital coin fortune you intend on making. Your odds may be better with a career…..or better yet even a girlfriend with one. Lol!