It’s certainly no secret that university is expensive. Around the world, countless students are constantly seeking ways to supplement their income and pay for their studies and living costs. But for an increasing number of students, investing in the crypto market has provided a welcome source of income that goes a long way.
In contrast to statistics last year, it’s said that the number of students who are actively investing in cryptocurrencies has trebled in the space of twelve months. This was found in a survey published on a website called Save The Student which provides assistance on everything from jobs and finance to student accommodation.
The survey revealed that over three-quarters of the students they spoke to admitted that they had considered dropping out of their university studies. This was partial as a result of the ongoing pandemic, but over 40% said that personal finance worries were their main reason.
“With an unstable part-time job market as well as some parents losing earnings due to the pandemic, the usual funding sources for students bridging the finance shortfall have become hard to come by.”
– Jake Butler, Save the Student.
Traditionally, assistance from parents, personal savings, or a part-time job are common partial cures to the financial problems faced by many students. Many students claimed they had resorted to other non-conventional ways to raise money ranging from bank overdrafts to taking part in paid drugs trials. A particular niche of interest, however, was that of the crypto market.
Around 6% of the students interviewed said they had become involved in the cryptocurrency market. Whilst this number may seem small, it is an annual rise of 300% compared to those interviewed last year. According to some, the interest in the crypto space often began via student group chats.
As with any social group investing in crypto, there are gains and there are losses. Many students have openly stated their success on the crypto market and others have lamented their failures. As with any form of investing, it’s critical to do your research. Particularly in such a high-risk market as crypto.
As many students live paycheck to paycheck, the volatile crypto market can be dangerous and the risk of losing money can be higher than those who have enough surplus income to play with. However, with the right amount of research and patience, the crypto journey of a student can be successful and provide a potential niche income in student life.