The case in summary One million Norwegians are expected to buy cryptocurrency over the next ten years. 250,000 Norwegians under the age of 40 already own cryptocurrency, an increase of 22.5 percent from spring 2021. This is compared to 210,000 Norwegians under the age of 40 who owned shares as of October this year. Financial experts warn of the risk of losses in the crypto market, but advise young people to learn about cryptocurrency. Managing Director of AksjeNorge, Kristin Skaug, expresses concern that many inexperienced investors seek their fortune in cryptocurrency, which is not part of a regulated market with a focus on investor safety. Economic expert Hallgeir Kvadsheim warns against investing large sums in cryptocurrency, especially if future plans depend on the development of the portfolio. The summary is made by an AI service from OpenAi. The content is quality assured by news’s journalists before publication. 250,000 Norwegians under the age of 40 are like fire engineering student Bendik Vetås (22): They own cryptocurrency. – Cryptocurrency is a bit easier to get used to than shares, says Vetås. The proportion of people interested in crypto in Norway is increasing. There are 22.5 percent more young people who own cryptocurrency now than there was in spring 2021. Since 2019, it has more than doubled. This is shown by a nationwide survey from EY and K33 Research this spring (external link). For comparison, AksjeNorge and Euronext Securities Oslo show that 210,000 Norwegians under the age of 40 owned shares on 30 October this year. To clarify, we are only talking about shares here, not mutual funds. The crypto market fluctuates greatly in value. If you’re lucky, you can make a lot of money, but it can also go the other way. The picture shows Bitcoin’s dollar value on 3 March 2022. Photo: Simon Elias Bogen / news Student Vetås has not invested heavily in the crypto market. He bought for NOK 2,000 a few months ago. – Now I have NOK 3,000. But I don’t think I will invest any more, he says. – Further increase Magnus Jones is the Nordic blockchain and innovation manager at EY. He says the proportion of young people who own cryptocurrency has probably increased since the survey was presented. – The prices of bitcoin and other cryptocurrencies have risen recently. This increases interest, so then there are probably even more people who have flocked, he says. The fact that more young people own cryptocurrency than shares, says Jones, may mean that young people have a different mindset. Nordic blockchain and innovation manager at EY, Magnus Jones. He believes a younger generation that prefers cryptocurrency to stocks will lead to future growth in the market. Photo: Bård Gudim – Younger generations are more curious and often have experience with digital values from gaming, as well as a different view of what values are. The road ahead to investment in cryptocurrency is therefore short, he says. He believes it is about the fact that many people think they want to get rich as quickly as possible. But he also warns that many have lost large sums. – There are many sunshine stories out there. People have made a lot of money. But you have to be careful, because the money can disappear quickly, says Jones. Recommends young people to learn about crypto Economic expert Hallgeir Kvadsheim is surprised that young people choose the crypto market over shares. – We have had shares for a few hundred years in the world. But crypto is fresh and has a very fluctuating market, says Kvadsheim. Economic expert Hallgeir Kvadsheim, known from the TV program Luksusfallen. He warns young people to only invest in crypto. Photo: Tuva Skei Tønset He still recommends that young people get to know cryptocurrency. – I think we will also have crypto in ten years. Why not get into it and learn? he asks. One million by 2033 The survey from EY and K33 Research also shows that one million Norwegians envisage buying cryptocurrency within the next ten years. Espen Nave Knutsen (26) recognizes herself. – I will buy. There is an opportunity for good profit, and I think it is a good thing to invest in, he says. Espen Nave Knutsen is a student at Høgskulen på Vestlandet, campus Haugesund. He believes that interest in cryptocurrency will increase in the coming years. Photo: Simon Elias Bogen / news Knutsen has long been interested in crypto and previously owned the virtual currency. But he is a student and does not want to risk losing money. Therefore, he now owns nothing. – There were such high fluctuations that I would rather invest in a fund, he says. – Frightening Managing Director of AksjeNorge, Kristin Skaug, reacts negatively to the high crypto numbers among young people. She reminds that cryptocurrency is not part of a regulated market with a focus on investor safety. – It is frightening that so many inexperienced people seek their fortune in financial instruments such as crypto. The risk of loss is significantly greater than when investing in shares and funds, she points out. Managing Director of AksjeNorge, Kristin Skaug. AksjeNorge contributes to giving the population increased knowledge about shares and the securities markets. Photo: Astrid Rommetveit / news Skaug questions the fact that more young people invest in crypto than in shares. The figures AksjeNorge has are the proportion of Norwegians who own shares through VPS and ASK accounts. – There are several ways to own investments in shares, such as through a Zero account at Nordnet and through mutual funds, she says. Warns against large investment Kvadsheim agrees with Skaug that it is frightening when young people choose crypto over shares. – I am not sure if the young people know the risks in the crypto market, he says. Furthermore, he adds that investing small amounts in the crypto market can be a good idea. But: – If the sums are so large that much of your future plans depend on the development of the portfolio, then I would strongly warn against it. Hey, you! Do you have any thoughts you’re stuck with after reading this case? Or maybe you have tips for something else I can write about? Please contact! 👇
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Young Norwegians prefer cryptocurrency over shares – news Rogaland – Local news, TV and radio
