Piper Sandler’s Taking Stock With Teens survey surveyed 7,000 teens. Of these, 630 said they were trading cryptocurrencies. During the survey, no clarifying information was collected, what kind of cryptocurrencies were at the disposal of young people, did the respondents store cryptocurrency or actively traded it?
Representatives of the crypto community have already responded to this survey. Kraken Europe Managing Director Curtis Ting said the cryptocurrency exchange “takes its role as an intermediary in creating a secure cryptocurrency market very seriously.” He also added that all clients of the exchange must be over 18 years old, regardless of their location.
For example, many cryptocurrency exchanges, including Binance, Coinbase, and Gemini, have age limits for opening an account. But at least in theory, teens can gain access to cryptocurrency.
“There is a possibility that teenagers received cryptocurrency as a gift from their parents,” said Ingo Fiedler, co-founder of Blockchain Research Lab.
BlocksBridge founder Nishant Sharma is concerned that teens can easily access cryptoassets. Jason Deane, an analyst at Quantum Economics, echoed his opinion and said that teenagers should not have access to high-risk asset trading.
“Teens can be gifted with crypto assets or allowed to invest in them for a long time, similar to traditional financial instruments,” added Dean.
Sharma also said that the main task now is to teach children financial literacy, including cryptocurrencies, from an early age.
“I am confident that such information should be part of the media literacy programs that are being developed by schools and governments around the world to teach people how to identify false information on the Internet,” he said.