Millennial Dominance in Cryptocurrency Ownership
According to a recent survey conducted by Bitget, 46% of millennials in six major countries own cryptocurrencies, compared to 25% of Gen X, 21% of Gen Z, and just 8% of baby boomers. The study was conducted between July 2022 and January 2023 and included around 255,000 adult respondents from 26 countries, with about 10,000 respondents per country. The margin of error for the survey is ± 0.1% and has a confidence interval of 95%, according to CoinTelegraph.
The study also revealed that 27% of millennials and 36% of Gen Z respondents believe that cryptocurrency regulation is an important factor when voting for political candidates. Bitget’s staff stated that younger generations exhibit strong demand for crypto despite the slowdown in population growth, and demographic changes may lead to a significant shift towards increased acceptance of cryptocurrencies in the coming decade.
Other surveys have also shown that Gen Z and millennials have higher adoption rates for cryptocurrencies than other population groups. A Charles Schwab survey in October 2022 found that almost 50% of Gen Z and millennials would like crypto to be included in their retirement funds, with 43% of Gen Z and 47% of millennials already investing in cryptocurrencies outside their 401(k) retirement accounts.
As Bitget’s survey shows, cryptocurrencies continue to gain popularity, particularly among younger generations. As such, financial institutions and policymakers may need to take note of the growing demand for cryptocurrencies and the potential impact it could have on the financial landscape.
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