Millennials have always been known for their willingness to embrace technology and new trends, and their love for innovation extends to cryptocurrency as well. According to recent research, almost half of the millennial population in major economies owns some form of cryptocurrency.
A survey conducted by global news and market research company YouGov, in conjunction with international data analytics firm GlobalData, found that 46% of millennials across a range of countries had invested in cryptocurrency, either by buying it directly or through other means. The study was conducted in March 2020 and covered five of the world’s leading economies: the United States, United Kingdom, Germany, Japan, and China.
The survey reveals that 33% of millennials in the United States own cryptocurrency, and this figure is similar in Europe, with 36% of millennials in Germany owning cryptocurrency. In the United Kingdom, 30% of millennials hold cryptocurrency.
The survey results also show that 27% of millennials in Japan own cryptocurrency, with the youngest age group, named “Z-ers” – those born after 1997 – being particularly interested in cryptocurrency, with one in three of them owning digital currency.
In China, which has huge interest in cryptocurrency and digital payments, the survey found that 60% of millennials already own cryptocurrency. This is in line with the country’s financial technology boom, fueled by the government’s push to create a cashless society, making cryptocurrency an attractive solution for users.
So what’s driving millennials to invest in cryptocurrency? The survey found that their reasons vary, with 36% of millennials citing the potential for high returns on investment as a major driver, and 31% of millennials investing in cryptocurrency to diversify their portfolio.
Another key driver for millennials investing in cryptocurrency is blockchain technology – the foundation of cryptocurrency – with 28% of respondents being fascinated by the technology’s potential to change global industries and revolutionize everything from banking and finance to supply chain management and identity verification.
Furthermore, younger millennials are more likely to be attracted to the cultural impact of cryptocurrency, with 26% of millennials investing in it because they see it as part of a financial revolution that will lead to greater financial autonomy.
This interest in cryptocurrency among millennials is particularly striking given the current economic climate, and the known distrust of traditional financial institutions held by many millennials, exacerbated by the recent global financial crisis.
Additionally, the COVID-19 pandemic has created further economic uncertainty, prompting many millennials to seek alternative investments. The recent YouGov survey supports this trend, finding that 28% of respondents invested in cryptocurrency as a result of the economic impact of COVID-19.
While some have warned that the high volatility of cryptocurrency prices may deter novice investors or create a risky investment environment, it is clear that millennials are willing to take that risk. According to the YouGov survey, two-thirds of millennials who own cryptocurrency do not plan to sell or trade their holdings, indicating a long-term belief in the technology and its potential.
Overall, the research suggests that cryptocurrency is fast becoming a mainstream investment option for younger generations, who view it as a way to have more financial control and be part of a cultural revolution. With the continued growth and development of blockchain technology, it seems likely that cryptocurrency will become an increasingly important part of the financial landscape for years to come.
With the rise of cryptocurrencies, Bitget, a cryptocurrency exchange, conducted a worldwide survey on individuals’ crypto activities among 255,000 adults from 26 countries for seven months from July 2022 to January 2023. The survey gathered responses from four distinct age groups, including Millennials, Gen Xers, Gen Z, and Baby Boomers. The survey disclosed that 46% of the respondents own digital assets, and among the respondents, Gen Z and Millennials had more interest in cryptocurrencies.
The study also revealed that 19% of the respondents were baby boomers, while Gen Xers comprised 23% of the population under study. Gen Z and Millennials accounted for 31% and 17% of the individuals studied, respectively. Among the Millennial respondents, 46% of them own virtual assets. On the other hand, 25% of the Gen X respondents and 21% of the Gen Z respondents also own digital assets. However, only 8% of the baby boomers among the respondents have invested in cryptocurrencies.
Interestingly, the research finds a group of respondents who mentioned the importance of crypto regulation. Amongst these groups were 27% Millennials, 4% Baby Boomers, 36% Gen Z, and 6% Gen Xers. According to the respondents, their voting decisions regarding political candidates are informed by regulations.
Furthermore, as disclosed in Charles Schwab’s survey, more Millennials and Gen Z would like digital assets to be part of their retirement funds. The asset manager conducted a US survey in October 2022, between April 4 and April 19, 2022, wherein they discovered that 46% of Gen Z and 45% of the Millennials voted yes to adding virtual assets to their 401 (K) plans. This group of individuals aims to rely on virtual assets during their retirement.
The study shows that younger generations are more interested in cryptocurrencies. The Millennials topped the chart for big virtual assets participation due to their wider knowledge of the internet and digital technologies. They consider cryptocurrencies a promising investment option that has substantially generated high returns since 2017. Meanwhile, Gen Z respondents are interested in modern technologies such as blockchain and digital assets, as they were born after 2008 and didn’t experience the negative effects of financial crises in the past.
In conclusion, the Bitget survey indicates that cryptocurrencies are gaining more recognition and awareness among different age groups worldwide. Furthermore, it seems like younger generations are more inclined to invest in digital assets, given that they are more exposed to digital technologies and have seen the potential benefits of investing in cryptocurrencies. In the future, we can expect an increasing number of individuals, especially from younger generations, to invest in digital assets.