As the first generation to grow up with cryptocurrencies millennials seem to have a different attitude towards the digital tokens.
Millennials, also known as Generation Y, are the generation born between the early 1980s and mid-90s.
Chris Castiglione, a professor at Columbia University Business School who also teaches online bitcoin courses, said younger individuals are better suited and in a stronger position to take on the risks associated with cryptocurrencies.
He said: “I think the crypto market is attractive to millennials because it’s a space with both a lot of growth and risk.
“People who are 40+ years of age are likely settled down with a career and family, and less inclined to get into such a quick growth, volatile field.
“It’s been the same way with startup founders over the past 2 decades. Millennials also seem to be much more digitally literate than Gen X or baby boomers.”
Mr Castiglione said despite many investors being under 40 there are exceptions.
He said: “Many of the people starting cryptocurrencies and tokens do seem to be between the ages of around 22-40. But obviously anything is possible, and I could list many exceptions to the rule.”
Simon Yu, CEO of blockchain startup StormX, said: “Millennials are particularly open to embracing new technology in order to create opportunities for themselves–and blockchain, the tech behind crypto, is no different.
“As masters of the side hustle and challengers of the traditional 9-5 working lives of previous generations, millennials are welcoming blockchain with open arms.”
The comments come after Mario Draghi, president of the European Central Bank, said he did not back the cryptocurrency bitcoin.
He warned blockchain technology is “not secure” for central banking.
Bitcoin stood at $10,315.69 as of 6.59am GMT on the Luxembourg-based Bitstamp exchange. Hightened regulatory scrutiny around the world has seen bitcoin plunge more than 65 percent this year.