Nearly Half of Millennials Own Cryptocurrencies

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.


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Millennial Investors Open the Most Crypto Accounts in Q2, Apex Report Shows

With nearly 370,000 new crypto accounts opened in Q2 of 2022, Millennials are rising in the crypto space, according to a report by investing platform Apex Fintech Solutions (Apex).

Apex data showed millennial investors continued to be bullish, especially in the flagship Bitcoin (BTC) and Ethereum (ETH) cryptocurrencies. Per the report:

“Broken down by generation, millennials represented 54% of crypto-enabled accounts, with Gen Z and Gen X each accounting for 21%. Baby boomers held just 4% of crypto-enabled accounts as of June 30, 2022.”

The Apex Next Investor Outlook report pointed out that millennials’ faith in flagship cryptocurrencies was not dented despite a tumultuous quarter in the crypto market.

Apex highlighted:

“Bitcoin saw its price versus the U.S. dollar slump more than 50% in Q2 2022, but that apparently wasn’t a deterrent to investors, as approximately 1,050 accounts opened a position in Bitcoin each day throughout the quarter. Millennials showed particular interest in Bitcoin, accounting for about half of the 591,000 accounts that hold the cryptocurrency.”

Millennials also take nearly 50% of the crypto accounts by holding Ethereum.

Nevertheless, Generation Z (Gen Z) was not overly optimistic because they believed a crypto winter was coming. As a result, they veered away from crypto stocks, with their primary investments being traditional stocks throughout Q2. 

Millennials represent the population of people born between 1981 and 1996 (ages 26 to 41 in 2022), whereas anyone born from 1997 onward is part of Gen Z. 

Traits often associated with millennials include being tech-savvy, ambitious, confident, and achievement-oriented. As a result, they have heeded the call of Bitcoin being an exceptional technological advancement and investment tool.

The correlation between BTC and millennials has been robust to the extent that Cory Bernardi, a former senator for South Australia, disclosed that he had joined the Bitcoin network because it was the millennial’s version of gold.

Image source: Shutterstock


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Millionaire Millenials Plan on Throwing More Money Into Crypto This Year: CNBC Survey

A new generation of millionaires is holding more crypto than ever and plans to continue doing so well into the new year.

A new survey conducted by CNBC finds that most millennial millionaires have the bulk of their financial investments in crypto.

“Most millennial millionaires have the bulk of their wealth in crypto, and they’re planning to add more in 2022 despite the recent price declines, according to the CNBC Millionaire Survey.”

The survey polls millennials with investable assets worth at least $1 million or more and finds that this next generation of wealth is heavily invested in the digital space.

“Fully 83% of millennial millionaires own cryptocurrencies… 

More than half (53%) have at least 50% of their wealth in crypto and nearly a third have at least three-quarters of their wealth in Bitcoin, Ethereum and other types of cryptocurrency, according to the survey.”

Millennials’ ready acceptance of crypto assets and blockchain-focused investments stands in stark contrast to the older generation of investors, according to the survey.

“While older generations of millionaires are still largely skeptical of crypto and its future, cryptocurrencies have become the primary source of wealth creation and asset growth for many younger investors who got in early and have seen rapid returns.”

Even after the crypto market’s December 2021 dip, the CNBC survey suggests that millennial crypto investment won’t slow down anytime soon.

“About half (48%) plan to add to their holdings over the next 12 months, while another 39% plan to maintain their current crypto levels. 

Only 6% of millennial millionaires plan to reduce their crypto investments over the next year.”

Despite crypto’s apparent status as a millionaire-maker, the survey points to a wholly separate factor as the key to mega-wealth.

“Fully 45% of millennial millionaires credited inheritance as a factor in their wealth, according to a Spectrem survey. 

Among millennials worth $5 million or more, inheritance was the top factor (at 75%) in their wealth.”

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Bitcoin Continues to Circulate in a Semi-Bullish Territory

Santiment believes that Bitcoin is still in a semi-bullish area, given that circulation continues to be steady.

The on-chain metrics provider explained:

“Bitcoin continues to circulate in the semi-bullish territory, according to our latest NVT model data. With BTC back under $50K, circulation staying steady is encouraging to see, as it implies utility is remaining at a justifiable level vs. market cap.”


Over the Christmas weekend, Bitcoin (BTC) was able to hold above the psychological price of $50K, given that the top cryptocurrency has been ranging between the $47K and $51K area since it gained momentum after slipping to lows of $42,000 on December 4.

Market analyst Will Clemente had previously noted that Bitcoin had to reclaim the $53,000 area before a bull run to be reignited. 

Meanwhile, Bitcoin has significantly outperformed gold in 2021. Data analytic firm IntoTheBlock confirmed:

“Bitcoin and Ethereum broke their previous ATH in 2021, appreciating by 71.8% and 456%, respectively. During the same period, Nasdaq and S&P 500 had positive yearly returns of 26.54% and 25.82%. Moreover, BTC has vastly outperformed GOLD, which had an ROI of -5.26%.”


American billionaire investor Ray Dalio recently noted that Bitcoin was almost a younger generation’s alternative to gold, which has imputed value.

Bitcoin is often considered as the millennial’s version of gold. Industry experts have correlated Bitcoin with millennials because they are prone to adopting crypto-assets and tech stocks, while older investors tend to favour gold.

A recent CNBC survey indicated that millennials had higher levels of cryptocurrency portfolio holdings than baby boomers, with 83% of millennial millionaires owning digital assets. Furthermore, 48% of them eyed increasing their crypto investments in 2022, with only 6% anticipated to decrease their holdings. 

Image source: Shutterstock


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New survey reveals 83% of millennial millionaires now own crypto

2021 has proven to be the year of crypto adoption where institutional crypto investments and millennials turning millionaires were familiar headlines.

A new CNBC survey has revealed that a majority of millennial millionaires have invested a significant chunk of their portfolio in crypto and plan to continue their crypto investments in 2022. The survey polled investors with assets of $1 million or more, and 83% of the polled millennial millionaires revealed they had made crypto investments.

53% of total survey respondents said they hold 50% or more of their portfolio in crypto. Nearly one-third of the respondents have invested at least three-quarters of their wealth in crypto assets. While the poll results might come as a surprise to many, those who have been following the crypto boom in 2021 would know how a generation of TikTok investors made millions of dollars on investments in meme currencies.

The CNBC survey also revealed a massive generational gap in terms of investment. On one side, millennials are investing as high as 50% of their wealth in crypto, while on the other side, only 4% of the older generation have invested in digital assets and only one-fourth of the GenX owns crypto.

George Walper, president of Spectrem Group that conducted the survey for CNBC, said the new generation’s rising interest in the nascent crypto market could prove to be an issue for wealth managers. He believes these traditional managers would have to rethink their approach towards these upcoming investors. He explained:

“I’m not sure the wealth management industry has recognized that they need to think of these as completely different generations. Most firms were hoping to ignore it. But millennial millionaires are not going to just grow out of crypto.”

The survey also highlighted how the new generation is willing to take more risks with crypto rather than investing in traditional markets. The survey revealed that 48% of millennial millionaires plan to add to their crypto investments while 38% plan to hold and only 6% plan to reduce their crypto exposure in the coming year.

Apart from a surge in crypto millennial millionaires in the US, Australia has also seen a 10% growth in crypto adoption over the past year. The 2021 Independent Reserve’s Cryptocurrency Index (IRCI) that surveyed 2000 people found the crypto investment among Australians has grown to 28.8%, up from 18.4% in 2020.