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Nearly Half of Millennials Own Cryptocurrencies

by Blockchain NewsApril 28, 2023

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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Majority of American Adults Believe Financial System Favors Powerful Interests, 20% Own Cryptocurrency

by Blockchain NewsMarch 5, 2023

A recent survey conducted by Morning Consult and commissioned by Coinbase has revealed that the majority of American adults believe that the global financial system unfairly favors powerful interests. The online survey, which was conducted in February 2023 and included responses from over 2,000 American adults, found that 80% of respondents felt that the financial system is not fair to all, and that it favors those with powerful interests.

The survey also found that 67% of respondents called for a major overhaul or major changes to the current financial system. The findings suggest that many Americans are dissatisfied with the current system, and believe that it needs to be reformed in order to better serve the needs of ordinary citizens.

Interestingly, despite recent negative news about cryptocurrency and the crypto market, the survey found that 20% of respondents own cryptocurrency, and nearly a third plan to buy, sell or trade cryptocurrency in the next year. These numbers have remained consistent over the past year, indicating that recent market turmoil may not have shaken retail investor confidence in crypto in America.

The survey provides important insights into the perception of the global financial system and how it is viewed by United States adults and crypto investors. It highlights the need for major changes to the financial system in order to address concerns about fairness and equality, and suggests that the crypto market is still viewed as a viable investment option by many Americans.

It is worth noting that the survey was commissioned by Coinbase, a leading crypto exchange, which may have influenced the results. However, the findings are consistent with other surveys and studies that have shown a growing dissatisfaction with the current financial system and a growing interest in cryptocurrency as an alternative investment option.

Overall, the survey provides valuable insights into the current state of the financial system and the crypto market, and suggests that major changes are needed in order to address the concerns of ordinary citizens and ensure a more equitable and fair system for all.

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Tagged : Cryptocurrency / Financial System / News / Perception / POWERFUL INTERESTS / Survey

Crypto Adoption Among Women on the Rise

by Blockchain NewsJanuary 21, 2023

According to a recent poll, conventional asset classes have not been successful in getting more women into the investment space. However, crypto seems to have been successful in bringing women on board. The findings of the poll indicate that there has been a notable increase in the number of women who possess cryptocurrency. According to the data, the percentage of people who owned their home rose from 29% in the third quarter of 2022 to 34% in the most recent quarter.

The team at eToro believes that this indicates that cryptocurrency is “succeeding where conventional financial markets have sometimes failed,” and one way that it is doing this is by attracting a greater number of women.

During the last three months of 2022, the rate of crypto adoption among women skyrocketed, whereas the rate of crypto ownership among males climbed by just one percent during the same time period. The percentage of worldwide investors that own cryptocurrency increased from 36% to 39% from the previous quarter, despite the fact that cryptocurrency was regarded as the asset class that performed the poorest over the course of the previous year.

In addition to being pushed by the participation of women, the data was also affected by the participation of elderly investors who bought the dip.

The percentage of retail investors aged 35–44 and 45–54 who own cryptocurrency increased by 5 percent apiece, which suggests that older investors are also acquiring crypto.

Regarding the question of why more investors are getting involved in cryptocurrency, 37% of those who took part in the survey said they are seizing the opportunity to make high returns, while 34% of those who took part in the survey said they believe in the power of blockchain and think cryptocurrency is a transformative asset class.

Retail investors aren’t the only ones who are showing their faith in blockchain technology by making investments; corporations are beginning to do the same thing.

The results of a poll conducted by Casper Labs on January 12 revealed that of the 603 companies that took part in the study, 90% had already used blockchain technology in some form.

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Tagged : Adoption / Blockchain / Etoro / Investments / News / Survey / Trading

Nigeria Tops in Global Crypto Ownership, With Nearly Half of the Population Being Crypto Users or Owners

by Blockchain NewsOctober 19, 2022

With cryptocurrencies being one of the technological innovations taking the world by storm, Nigeria takes the lead in terms of crypto ownership, according to Statista Global Consumer Survey.

Per the report:

“Nigeria leads in global crypto ownership, where 45% of the population, or almost every second person, uses or owns cryptocurrency.”

The survey interviewed consumers from nations in South America, Asia, and Africa. The study added:

“Thailand ranked in second place, with 44% of the population that used or owned cryptos in the last two years. Turkey follows with 40%, and Argentina and United Arab Emirates round the top five list, with 35% and 34%, respectively.”

Even though the crypto owners in the United States are three times more than those in Nigeria, this represents 16% of the entire population. As a result, the US comes twenty-fifth in terms of crypto ownership.

On the other hand, India has 134 million crypto users, which is the highest globally. Statista recently estimated that there were 257.2 million crypto users globally, denoting 3.2% of the world’s population. This figure is expected to jump to 293.6 million in 2023.

Nigeria has been gaining the spotlight in crypto due to the trends being witnessed.

For instance, a study by Jack Dorsey-owned Block, Inc. revealed that the nation took the helm regarding Bitcoin optimism levels at 60%, Blockchain.News reported.

Furthermore, a KuCoin study showed that high inflation rates and the lack of affordable financial services drove crypto adoption on Nigerian soil.

The KuCoin survey suggested cryptocurrencies were filling the gap in the traditional currency-based market because Nigerians were using them as an alternative for storing and transferring assets.

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Tagged : Crypto / Crypto Adoption / Cryptocurrencies / Nigeria / Research / Survey

UK Consumers Need Better Education on BNPL & Crypto Payments: Research

by Blockchain NewsAugust 1, 2022

A recent research study published by ECOMMPAY, an international payment service provider and direct acquirer of bank cards, on Sunday, July 31, shows that although 75% of U.K. consumers consider themselves financially savvy regarding their understanding of the impacts of using Buy Now, Pay Later (BNPL) payments, 24% still require a better understanding of such methods.

Besides that, the study highlighted that more than half of business leaders (54%) still experience several challenges in supporting online financial education for their customers and partners.

ECOMMPAY research also disclosed that 64% of consumers feel financially literate concerning opening up banking and understanding the impacts of payment options. Only 14% of consumers fully understood open banking compared to the previous year.

In terms of cryptocurrencies, the research showed that more than half of the respondents felt they were financially savvy about using crypto assets for payment. However, 46% said they do not understand cryptocurrency or know what it is.

Almost 50% of business leaders surveyed felt it was the responsibility of banks to educate consumers about online financial education, followed by governments (41%) and payment providers (40%).

Paul Marcantonio, ECOMMPAY UK & Western Europe CEO, commented about the development: “Our research has shown that consumers rely heavily on their financial education and are generally smarter when it comes to using the latest financial tools.”

“However, further education and support is still required to ensure that all new payment options can be used responsibly and that consumers are not left in the dark about the implications of trading cryptocurrencies or accepting BNPL schemes. As businesses work to recover and consumers navigate the cost of living crisis, financial education must be a constant to harness the potential of these innovative payment options,” the executive elaborated.

Leadership Taking Charge

While the benefits of crypto lending are clear, consumers must be aware of risks and ways to protect themselves as they navigate the growing new industry.

The recent market crash that has seriously hit several crypto lending firms and their customers warrants importance to consumer education.

With the recent growth of cryptocurrency lending, more consumers are realizing a new way of financial freedom. Thanks to the benefits of decentralized financial protocols and blockchain technology.

Customers who cannot get a traditional loan because of a bank’s minimum deposit requirement, fees, or a low credit score now have options available to them through crypto lending.

In the U.S., a new non-profit organization, the Digital Asset Advocacy Group (DAAG), was launched in April to educate consumers on the opportunities and risks associated with cryptocurrency lending.

In March, the Treasury Department ordered the Financial Literacy and Education Commission (FLEC) to form a new digital asset financial education subgroup to create consumer-friendly, trustworthy and consistent educational materials, tools and outreach to help consumers make informed choices about digital assets.

During that time, the U.S. Under Secretary of the Treasury for Domestic Finance, Nellie Liang, said that history has shown that, without sufficient safeguards, forms of private money have the potential to pose risks to the financial system and consumers.

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Tagged : Consumer / Crypto / ECOMMPAY / Education / Payment / Research / Survey

At least 70% of Global Finance Leaders Believe CBDCs Will Spur Financial Inclusion – Ripple Study

by Blockchain NewsJuly 16, 2022

Central bank digital currencies (CBDCs) have triggered overwhelming consensus among global finance leaders, according to a survey by Ripple, a leader in enterprise crypto and blockchain solutions.

The study called “New Value Report” interviewed 1,600 worldwide finance leaders and found a heavy inclination towards CBDCs. Ripple stated:

“More than 70% of respondents surveyed across five global regions believe CBDCs stand to deliver major social change within the next five years, with the Asia Pacific ranking the highest at 89%.”

Most finance leaders acknowledged that CBDCs would be a stepping stone toward more financial inclusion. The report highlighted:

“Four out of five regions see financial inclusion or greater access to credit as the largest potential breakthrough to be driven by CBDCs.”

Once rolled out, CBDCs are expected to drive the financial inclusion of nearly 1.7 billion people left out of the banking system, given that they are pegged to a real-world asset and backed by central banks.

Ripple acknowledged that CBDCs were gaining traction based on the benefits accrued. For instance, their digital nature can enhance underserved communities’ accessibility to loans and other financial services.

The study stated:

“Consensus on the potential for CBDCs to bring about more inclusive financial systems is clear. While much work remains to be done, many expect the transformation to be timely and that we will begin to see the fruits of this transition before the turn of the decade.”

On the other hand, the survey highlighted that some hurdles to implementation included security protections, privacy, offline access, identity verification, and consumer education.

Meanwhile, Bank Indonesia recently conducted a CBDC feasibility study by offering a white paper concerning establishing the digital Rupiah.

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Tagged : Cbdcs / Central Bank Digital Currencies / CENTRAL BANKS / DIGITAL ASSETS / Research / Ripple / Survey

9 in 10 Central Banks are Eyeing CBDCs, BIS Study Shows

by Blockchain NewsMay 7, 2022

90% of apex banks have shown intentions of rolling out Central Bank Digital Currencies (CBDCs), according to a study by the Bank for International Settlements (BIS).

Per the report:

“Nine out of 10 central banks are exploring central bank digital currencies, and more than half are now developing them or running concrete experiments.”

The study surveyed 81 central banks about their engagement in CBDCs as well as their intentions and motivations about CBDC issuance. China has already set the ball rolling with its digital yuan.

The BIS found that the emergence of cryptocurrencies like stablecoins and the Covid-19 pandemic have accelerated the CBDC drive, especially in advanced economies. Additionally, retail CBDCs have gained more momentum because they are moving to advanced stages. The survey noted:

“Globally, more than two thirds of central banks consider that they are likely to or might possibly issue a retail CBDC in either the short or medium term.”

On the other hand, wholesale CBDCs are being fronted because they are stepping stones toward cross-border payment efficiency.

The BIS had previously noted that wholesale CBDCs would face challenges like differences in jurisdictional boundaries and governance provisions amongst countries. Therefore, it was willing to help countries handle these differences while fostering the development of technical capabilities and testing at a large scale level.

Per the study:

“Central banks consider CBDCs as capable of alleviating key pain points such as the limited operating hours of current payment systems and the length of current transaction chains.”

Once rolled out, CBDCs are expected to drive the financial inclusion of nearly 1.7 billion people left out of the banking system.

This is because CBDCs are digital assets pegged to a real-world asset and backed by the central banks meaning that they represent a claim against the bank exactly the way banknotes work. Central banks will also be in full control of the supply, one of the major features that have drawn criticism across the board.

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Tagged : BIS / CBDC / Cbdcs / CENTRAL BANKS / DIGITAL ASSETS / Research / Survey

20 % of American Adults Involves in the Crypto Space, Study Shows

by Blockchain NewsApril 1, 2022

One of five Americans has used, traded, or invested in cryptocurrency, according to a poll by NBC News.

These statistics show that cryptocurrencies continue to gain steam despite lawmakers warning about the risks involved as they craft measures to regulate the sector.

Out of the 1,000 Americans polled from March 18 to March 22, 20% of them have dabbled in crypto, showing how the industry has soared in recent years despite being relatively young.

Half of the men surveyed between 18 and 49 years acknowledged that they had entered the crypto space, representing the largest share of all demographic groups.

In addition, per the report:

“40% of Black Americans said they have traded or used crypto, while 42% of all people between the ages of 18 and 34 years said the same.”

Crypto advocates have opined that digital assets like Ethereum (ETH), Bitcoin (BTC), and stablecoins render security, privacy, lower costs, better transaction speeds, and give the underbanked financial services.

These are some of the factors that have triggered interest in cryptocurrencies on American soil.

The crypto market in the United States has grown to the extent that President Joe Biden signed an executive order last month, directing relevant authorities to scrutinize the benefits and risks.

This move marked the first step toward regulating how crypto assets are traded.

Crypto adoption continues to gain steam across the globe. According to a recent study by Arcane Research and Ernst & Young (EY), 10% of Norwegian adults own crypto, double the rate recorded in 2018.

Furthermore, a survey by crypto exchange KuCoin revealed that 44% of Germans see crypto as part of the future of finance, Blockchain.News reported.

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Tagged : America / Crypto / Crypto Adoption / Cryptocurrencies / Research / Survey / United States

Cryptocurrency Investors Are More Attractive on The Dating Scene (Study)

by CryptoPotatoFebruary 6, 2022

According to a recent survey conducted by the trading platform eToro, many single men and women are seeking partners who are not only financially stable but also knowledgeable about cryptocurrencies. 33% of the American participants admitted they are more likely to go on a date with someone who deals with digital assets.

Crypto Makes Individuals More Desirable

Apart from diversifying one’s portfolio and granting potential for higher returns, cryptocurrencies could also make investors look more attractive on the romance scene, eToro research revealed.

Every third participant said they are more likely to go out with a crypto holder rather than a person who has not delved into the digital asset space. Furthermore, nearly 75% admitted they would go on a second date with an individual who paid the bill in bitcoin (BTC).

There are numerous restaurants and cafeterias in the States which accept the primary cryptocurrency as a payment method. Such examples are the Colorado-based Quiznos and the multinational chain of coffeehouses – Starbucks.

People delving into the non-fungible token universe also have their chances. According to the survey, 20% of singles would be more interested romantically if their admirer sets an NFT as a profile picture on a social platform or a dating site.

According to Pew Research Center’s estimations, 16% of Americans have already allocated some of their wealth in the crypto market. Younger men between 18 and 29 years old (most active on the dating scene) are the most interested in the asset class. 43% of them have already dipped their toes in the digital asset industry. In comparison, only 19% of women under 30 years old invest in bitcoin or the alternative coins.

The overall cryptocurrency awareness among American citizens is also on a high level. 86% of the survey participants admitted they have basic knowledge about the asset class.

Every Fourth US Investor Owns BTC

According to another survey conducted by the world’s largest digital asset manager – Grayscale – 26% of the American investors hold bitcoin. Moreover, 60% of the participants admitted they are interested in cryptocurrency investments.

Subsequently, Grayscale estimated that 55% of the current BTC holders in the States have hopped on the bandwagon in the last 12 months.

The crypto exchange Huobi went further, stating that 7 in 10 of the holders entered the market in 2021. Per the company’s research, only 9% started investing in the asset class more than four years ago.

Nearly every second investor revealed allocating $1,000 or less in crypto, while 25% said they have invested between $1,000 and $10,000.

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