American Students Pile Financial Aid Money Into Cryptos – Survey

American Students Pile Financial Aid Money Into Cryptos – Survey

Earlier studies found out that 41% of male American millennials are likely to purchase bitcoin in the next five years.

But things are going more interesting with the young generation, and their craze over cyber money as another poll finds out that 20% of college students not only pile into cryptos but invest in them using financial aid money – studying loans in particular.

Our top trading bots

Tightening Belts? No, Not This Time

The survey was carried out among 1,000 present college students with loan duties in March by a site for student loan info – The Student Loan Report. It shows that over 20% of such students use the money, meant for covering tuition fees and other studying-related expenses, for investing in volatile coins.

Even though the poll does not indicate precisely how much these students piled into cryptos, but results are already surprising, said the constitutor of the site Drew Cloud.

He added that it is expected that students who earlier applied for financial aid would instead live with their belts tightened, e.g., spending the funds on accommodation, food, and university-related costs. But no, BTC and ETH come first for the younger generation.

Source: The Student Loan Report

To imagine the scale of the case, let’s look at how much of American federal loans student got. For instance, in accordance with the College Board, in 2016-2017 students pursuing a bachelor degree got about $4,600 in such loans.

Mark Kantrowitz, a student loan specialist, said that if students pile the financial aid money, provided by the government, they violate the agreement with the gov’t. This money was given students for educational purposes and investment, apparently, is a different type of activity.

The representative of the American Department of Education reaffirmed this information, CNBC reported.

Another issue is that when investing, students will have to pay extra taxis for investment activity, so if bitcoin or any other cyber coin does not grow in price or even falls, the risk of becoming insolvent are very high.

No crypto for criminals: Coinjoin BTC mixing tool to block illicit transactions
CoinJoin, a popular Bitcoin (BTC) mixing tool, will block transactions associated or flagged as illegal. The announcement came from the official Wasabi...
NFT projects thrive even as OpenSea trading volumes take a hit
Despite a number of attempted vampire attacks,nonfungible tokens (NFTs) continue to have a strong run on OpenSea, with the number of unique users and transactions...
Central bank tells Thai banks not to offer crypto trading
The Bank of Thailand has stated that it does not want commercial banks to be directly involved in the trading of crypto assets.The edict came from central...
Pro sports leagues are no longer resisting NFTs: Dapper Labs
Dapper Labs, the firm behind NBA Top Shot, said that pro sports leagues are no longer resistant to exploring nonfungible tokens (NFTs) now that the sector...
Mark Cuban's Dallas Mavericks offer cashback rewards on Dogecoin purchases
Dallas Mavericks, Mark Cuban’s NBA franchise, started a cashback rewards program to incentivize merchandise and ticket payments in Dogecoin (DOGE). The...
Altcoins rally to new highs after the ETH/BTC pair flips bullish
Signs that an altseason is underway are beginning to increase across the cryptocurrency market after numerous altcoins posted double-digit gains on Aug....
Microsoft wins US patent for ‘ledger-independent token service’
American tech giant Microsoft has won a blockchain-related patent for techniques for implementing a cross-chain token management system.The United States...
Bitcoin bulls overtake the $40K barrier ahead of Friday’s $625M options expiry
Despite the recent breakouts to the $40,000 level, Bitcoin (BTC) price could still face downward pressure in August. The 42% rally in late July effectively...
Breaking: BSV reportedly suffers ‘massive’ 51% attack
Bitcoin SV (BSV) has reportedly suffered a “massive” 51% attack beginning around 11:45 am Tuesday, resulting in up to three versions of the chain being...
$60K is now more likely for Bitcoin than $20K, Bloomberg's senior strategist asserts
Bitcoin (BTC) has a better probability of recovering back to $60,000 than breaking below its current support level of $30,000 to target $20,000, believes...
India’s ICICI Bank warns remittance users to steer away from Bitcoin
India’s stance on crypto adoption has been a gray area ever since the birth of Bitcoin (BTC). In what seems like another blow for the Indian crypto community,...
Key altcoin price metric flashed bullish ahead of Axie Infinity’s parabolic rally
Axie Infinity (AXS) has had a rough week: On July 1, it was trading at just above $5. One week later and following two consecutive two-day rallies, the...
Square not revisiting its Bitcoin allocation, but still interested in the asset
Over the course of 2020 and 2021, Square bought over $200 million worth of Bitcoin. At present, the payments company does not anticipate picking up more...
'Fear' grips Bitcoin as crypto market sentiment drops to lowest levels since April 2020
Bitcoin (BTC) and altcoin traders are more nervous than any time in over a year as a classic sentiment gauge signals "fear" is driving the market.According...
Prodeum's start-up "disappeared" with investors' money shortly after the launch of ICO
The Lithuanian start-up Prodeum, which promised to "bring blockchain to fruits and vegetables," removed the site after a successful, unconfirmed ICO. Twitter...