June 6, 2023

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%) are millennials aged 27 to 42.

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, the respondents were divided into four age groups: Baby Boomers (people born around 1946 to 1964, 19%), Generation X (from 1965 to 1980, 23 %), Millennials (from 1981 to 1996, 31%) and Generation Z (from 1997 to 2012, 17%).

It turned out that only 8% own cryptocurrenciesof the Baby Boomers surveyed, 25% of Gen Xers, 46% of Millennials, and 21% of Gen Z respondents. As can be seen from the results, 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 considering cryptocurrencies as attractive assets due to their high returns.

Bitget researchers indicated that representativesGen Zs also have a greater propensity to use crypto assets, since they weren’t worried about the 2008 economic crisis. When it comes to regulating cryptocurrencies, younger generations are more eager to have their governments develop legal regulations for the latest industries (ranging from 6% among Gen Xers to 27% among Millennials).

Based on the results obtained, the researchersBitget concluded that in countries with a high life expectancy of the population, there may be a situation of non-acceptance of cryptocurrencies and other innovations. And yet, as the number of Baby Boomers and Gen Xers decreases, society may be more supportive of the adoption of modern technology. By 2030, the influence of the older generations will weaken, and the representatives of the younger generations will become older, so in the coming years, the number of supporters of blockchain and cryptocurrencies may increase significantly.

According to a recent BanklessTimes poll, 67%millennials consider bitcoin a “safe haven” that will help protect their savings from inflation. However, the Bankrate publication claims the opposite: millennials have ceased to be interested in cryptocurrencies.