A recent survey conducted by Bitget, a leading cryptocurrency exchange, has revealed that nearly half of millennials across major population countries own cryptocurrencies. The study, which was conducted between July 2022 and January 2023 and published on April 28, featured approximately 255,000 adult respondents from 26 countries, with around 10,000 respondents per country.
The survey found that 46% of millennial respondents owned cryptocurrencies, compared with 25% of Gen X, 21% of Gen Z and 8% of baby boomers. This trend is in line with previous studies that have suggested that Gen Z and millennials tend to have the highest adoption rates for cryptocurrencies out of all population groups.
In addition to ownership, the survey also revealed that 27% of millennials and 36% of Gen Z consider cryptocurrency regulation an important factor when voting for political candidates. This finding suggests that politicians who are pro-cryptocurrency regulation may have an advantage in attracting younger voters.
Furthermore, the study suggested that by the beginning of the next decade, demographic processes may lead to a dramatic shift towards increased acceptance of cryptocurrencies as a higher proportion of younger generations continue to exhibit strong demand for crypto, despite the slowdown in population growth.
The Bitget survey is not the first to suggest that younger generations are more receptive to cryptocurrencies. In October 2022, a Charles Schwab survey revealed that almost 50% of Gen Z and millennials want crypto in their retirement funds. The survey also found that 43% of Gen Z and 47% of millennials already invest in cryptocurrencies outside their 401(k) retirement accounts.
The rise in cryptocurrency ownership among younger generations is likely due to several factors, including increased access to technology and a lack of faith in traditional financial institutions. Cryptocurrencies offer a decentralized and more secure alternative to traditional banking systems, which may be more appealing to younger generations who are skeptical of established financial institutions.
In conclusion, the Bitget survey provides further evidence of the growing acceptance of cryptocurrencies among younger generations. As more millennials and Gen Zers enter the workforce and gain greater financial independence, it is likely that we will see a continued shift towards increased adoption of cryptocurrencies as a legitimate form of investment and payment. This trend may have significant implications for the future of the global economy and financial system, as cryptocurrencies continue to gain mainstream acceptance and challenge traditional financial institutions.