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CryptoWatch: Millennials are afraid stocks are too risky, so they’re investing in bitcoin

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Despite the unpredictable nature of cryptocurrencies, some millennials find investing in the category less intimidating than putting money in the stock market or other traditional investments.

Bitcoin has had a wild ride. And millennials have decided to go along for it.

Bitcoin BTCUSD, +1.90% peaked in the vicinity of $20,000 per coin in 2017 but is notoriously volatile: Its price fell briefly below $6,000 in recent days, having lost more than $100 billion in valuation since last week. It ended the week closer to the $9,000 mark. Other cryptocurrencies are not faring well, either: The aggregate cryptocurrency market cap has fallen more than 50% since early January, according to CoinDesk, plunging from $830 billion to $366 billion.

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