Student Loan Report: 20% of American college students spent aid on coins

The Student Loan Report has interviewed one thousand students in America. They answered the following question: "Have you ever used student loan money to invest in cryptocurrencies like Bitcoin?"

Surprisingly enough, 21.2% of interviewed answered positively. To many, this financial policy would seem irresponsible: Bitcoin is not backed by a central government, dependent of mere rumors and still underdeveloped.

This may be an echo of a big growth in 2017 when Bitcoin reached its absolute maximum of $20,000 and the majority of those who heard about the digital currency were keen to see further growth.

To those who read Bitnewstoday’s previous reports on various surveys, this number would not be surprising. It simply represents the fact that not all people are cautious or plan in the long term. In other both amusing and frightening example, 80% of those who bought Bitcoin with a credit card answered to another research organization that they planned to repay borrowed money with Bitcoin growth revenue.

While in the case with credit cards some issuers have explicitly blocked Bitcoin payments since then, it would be difficult to assume whether organizations giving financial aid for students would prohibit Bitcoin investments or not.

Still, 78.8% or the vast majority has answered that they had not used student loans to buy coins, which indicates that American students are more cautious than one can assume by looking just at the aforementioned 21%.