Cryptocurrencies "Greatest Opportunity" to Get Millennials to Trade

TD Ameritrade hopes to get millennials to trade. Cryptocurrencies is the way.

  • The cryptocurrency market may be just what is needed to lure millennials into trading, TD Ameritrade chief market strategist JJ Kinahan told CNBC on Monday.
  • "People complain that we haven't gotten millennials to trade. Maybe this isn't the product I'd like people to start with, but this is the greatest opportunity," he said.
  • Over the past year, bitcoin — the biggest cryptocurrency by market cap — is up more than 1,500 percent. Ripple, meanwhile, ripped 35,000 percent last year alone.

I can think of no better way to get a generation to swear off stocks than losing their asses on cryptos, having recently watched their parents and friends parents lose their houses in the housing bubble.

As an aside, the above CNBC link contains an autoplay video kicking off with an ad. Most Bloomberg articles do the same.

I await Google's ad policy that is supposed to start blocking auto-play ads in February.

Meanwhile ...

Mike "Mish" Shedlock

Comments
No. 1-14
Stuki
Stuki

@RSM
In the US as of now, I’m sure you’re mostly correct. The rob-the-productive-hand-the-loot-out-to-the-connected-via-asset-appreciation racket is still somewhat functioning over here, so it’s still relatively easy to sell the saps on the nonsense that wealth derives from “trading” and “investing.”

But just as with other people’s money, you eventually run out of other people’s productive output. As is currently on display in Venezuela. Then the connected runs out of options, but to move the theft above ground and leave it less obfuscated. Which will make harder-to-steal payment mechanisms and wealth stores more attractive. Doubly so once the rot reaches the point where even the rank and file among the security services are seeing their take home cut, to feed those even more connected than them. Nothing hollows out an underpaid (by own estimation) jackboot army, like the ability of individual enforcers to take bribes entirely anonymously.

Carl_R
Carl_R

By the way, if auto-plays ads bother you, try the browser add-in Ghostery. My brother recommended it, and I haven't seen anything autoplay since I added it.

Carl_R
Carl_R

This is a very sobering post, and I suspect it is correct. My niece, a millennial, would never trade stocks, but has some bitcoins. If they lose big, they may never trade stocks, which would be very bearish for stocks for a long time.

Snow_Dog
Snow_Dog

niceconstanle, I am NOT old enough to remember that, but I share the sentiment you have for it. TD Ameritrade bought out Scottrade last year and is making a glacier-like pace at merging the two. As soon as they do something irrational I think the Scottrade account holders will bail on them. I still trade on the Scottrade site as if nothing had changed hands yet.

KyleW
KyleW

3,500% though Mish. Of course it's a speculative bubble, but as long as you know you're playing with fire and might lose 100%, why not take a shot?