Students appear to be spending their student loans on Bitcoin

The common phrase when it comes to betting on something as volatile as cryptocurrency goes ‘only invest what you can afford to lose’, but there are always those who refuse to obey that message.

The Student Loan Report has discovered that around one-fifth of students (out of the 1,000 polled) has used money meant for living expenses on crryptocurrency investments – a surprisingly high figure.

Drew Cloud, founder of Student Loan Report, told the Boston Globe: “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.”

As Cloud points out, it makes sense that society’s youngest are taking an active interest in cryptocurrency, and for some students this is the first period of their lives when a significant sum of money is thiers to do with what they wish. Instead of spending loans on beer and kebabs, they’re spending it on Bitcoin.