The Bitget cryptocurrency exchange has published a detailed study on the correlation between demographic shifts and the rates of adoption of cryptocurrencies across different generations.
More than 255,000 survey results were processed from 26 nations by the exchange, with respondents divided into four age brackets. The analysis found that Millennials make up the largest part of crypto aficionados: 46% of respondents.
Millennials believe in crypto
Baby boomers, Gen Xers, Millennials, and members of the newest generation, Gen Z, are the respondents in this survey. 19% of all respondents were people born in the baby boomer generation, of which 8% own cryptocurrencies.
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Millennials made up 45% of the survey population, and 31% of crypto holdings, while people in the newest generation, Generation Z, made up 21% of the population and 17% of crypto holders. In countries with long life expectancies and a highly educated population, like Japan, the data show that people of different ages use their digital assets in quite varied ways.
Crypto ownership by age group, source: bitget
The study also shows that Millennials are more committed to cryptocurrencies than older generations since they are more comfortable with the internet and digital technologies.
The aforementioned demographic is at the stage where they are beginning to develop their investment portfolios, and they see the high return potential displayed by cryptocurrencies in 2017 and beyond as an intriguing prospect.
“By the beginning of the next decade, demographic processes may lead to a dramatic shift towards increased acceptance of cryptocurrencies as a higher proportion of younger generations continue to exhibit strong demand for crypto, despite the slowdown in population growth,” Bitget survey explained.
Representatives of Generation Z were also found to be passionate about this cutting-edge technology, with a particular interest in blockchain and digital assets.
According to data on public opinion about the regulation of digital assets, the percentage of people who want their elected officials to take an interest in regulating blockchain assets rises sharply with each new generation.
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Specifically, from 6% among Baby Boomers to 27% among Millennials. The shift in value mapping between these two generations is likely to blame for the increase, particularly in regard to technological advancements, work-life balance concerns, diversity and inclusion challenges, as well as the decline in faith in institutions.
Will crypto be more accepted?
By 2030, all members of Generation Z will be adults, and the proliferation of blockchain technology might lead to an increase in the number of Bitcoin adopters across all generations.
This could probably reduce the influence of Baby boomers and Generation X and bodes well for the widespread adoption of cryptocurrencies in the years ahead.
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