Millennials continue to drive the adoption of cryptocurrencies worldwide, with 46% of them owning digital assets, according to a new survey by Bitget. The study, which spanned from July 2022 to January 2023, featured over 255,000 adult respondents from 26 countries, with around 10,000 participants per country. The results also show that 25% of Gen X and 21% of Gen Z own cryptocurrencies, while only 8% of baby boomers have invested in digital assets.
“The survey revealed that younger generations exhibit strong demand for crypto, despite the slowdown in population growth,” said Bitget staff. They added that “by the beginning of the next decade, demographic processes may lead to a dramatic shift towards increased acceptance of cryptocurrencies.”
The study also shed light on the importance of cryptocurrency regulation in political decisions. The results show that 4% of baby boomers, 6% of Gen X, 27% of millennials, and 36% of Gen Z consider crypto regulation an important factor when voting for political candidates.
Other recent surveys suggest that Gen Z and millennials tend to have the highest adoption rates for cryptocurrencies. A Charles Schwab survey from October 2022 revealed that almost 50% of Gen Z and millennials want crypto in their retirement funds, while 43% of Gen Z and 47% of millennials already invest in cryptocurrencies outside their retirement accounts.
This trend towards increased acceptance of cryptocurrencies among younger generations could have significant implications for the crypto sector, including the metaverse. As digital assets become more mainstream, it is likely that more people will seek to use them to access virtual worlds and other metaverse experiences.
The data also highlights the need for clearer and more consistent regulation of the cryptocurrency industry, as it becomes increasingly important to younger generations. With more young voters considering crypto regulation an important factor in their political decisions, governments will need to take a closer look at how they regulate digital assets to ensure that they are meeting the needs and expectations of their constituents.
Todayq news reported a report by cybersecurity firm Kaspersky, where they concluded that one in every three Americans had fallen prey to a crypto scam. Notably, across generations, generation Z investors were reported to be the most exploited group. Generation Z, also known as zoomers, is the group succeeding Millennials and preceding Generation Alpha. Researchers and popular media use the mid-to-late 1990s i.e. around 1996-97 as starting birth years and the early 2010s i.e. 2010-12 as the ending birth years.