The millennial generation is embracing the world of cryptocurrencies, with a new study revealing that 46% of millennials across major economies, such as the United States, China, Japan, Germany, Indonesia, and Nigeria, own digital assets. This marks a significant generational shift in crypto adoption, as younger individuals continue to drive demand for digital currencies.
Bitget, a cryptocurrency exchange, conducted the survey between July 2022 and January 2023, polling approximately 255,000 adult respondents from 26 countries. With around 10,000 respondents per country, the study has a 95% confidence interval and a margin of error of ± 0.1%. The results showed a stark contrast in cryptocurrency ownership among different age groups, with 46% of millennials possessing digital assets, compared to 25% of Gen X, 21% of Gen Z, and just 8% of baby boomers.
Another interesting finding of the survey is the importance of cryptocurrency regulation when voting for political candidates. A significant 36% of Gen Z and 27% of millennials consider this factor important, while only 6% of Gen X and 4% of baby boomers share the same sentiment. Bitget’s research team suggests that demographic processes may lead to a dramatic shift in cryptocurrency acceptance by the next decade, as younger generations continue to show strong demand for digital assets despite the slowdown in population growth.
Previous studies have also highlighted the high adoption rates of cryptocurrencies among Gen Z and millennials. In October 2022, a Charles Schwab survey revealed that almost 50% of both Gen Z and millennials want crypto in their retirement funds. The same survey found that 43% of Gen Z and 47% of millennials already invest in cryptocurrencies outside their 401(k) retirement accounts.
With the younger generations playing a crucial role in driving the cryptocurrency market, it’s clear that the future of finance is digital. As millennials and Gen Z continue to shape the global economy, the demand for and acceptance of cryptocurrencies are expected to grow exponentially. This generational shift in crypto adoption highlights the need for proper education, regulation, and infrastructure to support the evolving financial landscape.