According to a recent interview with “Real Housewives of Atlanta” cast member Phaedra Parks, the reality TV star gave her son $150,000 to invest and learn about building wealth. Parks mentioned that her 13-year-old son, Ayden, is particularly interested in rental properties and he’s “big into cryptocurrency.”
Kids and Crypto — Reality TV Star Phaedra Parks’ Sons ‘Love Anything About Making Money in Cryptocurrency’
While most cryptocurrency exchanges do not allow minors to trade digital assets, parents can open accounts on their behalf and permit them to engage in trading. Nowadays, it is not uncommon for the younger generation to invest in digital currencies, and there are numerous stories of children investing in crypto since the creation of bitcoin (BTC).
For example, Erik Finman received a $1,000 investment when he was 12 years old, and by the time he reached 18, he had become a millionaire from his BTC investment. According to a study published last year by the teen neobanking platform Gohenry, 1.33 million children from the U.K. have invested in cryptocurrency.
Furthermore, in April 2022, T. Rowe Price released the 14th annual Parents, Kids, and Money Survey, which revealed that 57% of children aged 8-14 are familiar with digital currencies. In fact, the survey’s research indicated that children were more knowledgeable about cryptocurrencies than their parents, as 47% of parents reported being familiar with the technology.
Parks, who comes from a middle-class family of educators, mentioned that her own parents would have aspired to provide such an opportunity, but lacked the financial resources to give a child $150,000 for a purchase. While discussing the investment, Parks specifically mentioned her son’s interest in cryptocurrency assets.
“Ayden is big into cryptocurrency and big into researching how to become a millionaire before he is 25,” Parks stated during her interview. The cast member of the reality show added that both of her sons “love anything about making money in cryptocurrency.” Her other son, Dylan, aged ten, shares the same aspiration to be “financially stable” in the future, as explained by Parks.
There is a multitude of guides and books available that explain how parents can introduce their children to digital currencies, as kids of all ages have embraced decentralized cryptocurrency technology. Moreover, there are dedicated applications aimed at helping kids begin their journey into cryptocurrency investing, such as the platform Earlybird Crypto.
In November 2021, Earlybird raised $4 million from Seven Seven Six and Gemini, and on June 13, 2022, the firm secured an undisclosed amount of funding. In Los Angeles, an annual Crypto Kids Camp is held for children aged 5 to 7, where they learn about cryptocurrencies and artificial intelligence (AI).
What are your thoughts on parents encouraging their children to invest in cryptocurrency at a young age? Do you believe it’s a valuable learning experience? Share your thoughts and opinions about this subject in the comments section below.