July 21, 2024

Bitget Research: Millennials and Generation Z are more supportive of cryptocurrencies

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Bitget Research: Millennials and Generation Z are more supportive of cryptocurrencies

According to a study conducted by cryptocurrency exchange Bitget, almost half of crypto enthusiasts (46%) falls on the millennial generation aged 27 to 42 years.

Bitget researchers conducted a survey betweenJuly 2022 to January 2023 among 459,000 cryptocurrency owners from 26 countries. To determine the relationship between the age of the people surveyed and their propensity to use cryptocurrencies, respondents were divided into four age groups: Baby Boomers (people born between approximately 1946 and 1964, 19%), Generation X (1965 to 1980, 23 %), Millennials (1981 to 1996, 31%) and Generation Z (1997 to 2012, 17%).

It turned out that only 8% own cryptocurrenciessurveyed baby boomers, 25% of people from generation X, 46% of millennials and 21% of respondents belonging to generation Z. As can be seen from the results obtained, the younger the survey participants, the higher their loyalty to digital assets. This is due to the fact that young people know how to use the Internet and are more aware of digital technologies compared to older generations. Millennials are starting to build their investment portfolios, seeing cryptocurrencies as attractive assets due to their high returns.

Bitget researchers indicated thatGen Zers also have a greater propensity to use crypto assets, as they were not worried about the 2008 economic crisis. When it comes to cryptocurrency regulation, younger generations are more eager for their governments to develop regulations for emerging industries (ranging from 6% among Gen Xers to 27% among Millennials).

In connection with the results obtained,Bitget researchers concluded that in countries with high life expectancy, there may be a situation of non-acceptance of cryptocurrencies and other innovations. Yet, as the number of Baby Boomers and Gen Xers declines, society may be more receptive to the adoption of modern technology. By 2030, the influence of older generations will weaken, and representatives of younger generations will become older, so the number of supporters of blockchain and cryptocurrencies may increase significantly in the coming years.

According to a recent BanklessTimes survey, 67%Millennials see Bitcoin as a “safe haven” that will help protect their savings from inflation. However, Bankrate claims the opposite: millennials are no longer interested in cryptocurrencies.