Bitget study reveals Millennials and Gen Z tend to build a more crypto-friendly society
VICTORIA, Seychelles, 1 May 2023 /CNW/ – Bittenat the top crypto derivatives and copy trading platform, has published a comprehensive study on the relationship between demographic changes and cryptocurrency adoption rates among different generations. The exchange processed more than 255,000 survey responses from 26 countries, where the participants were categorized into four age groups. The analysis concluded that Millennials are the dominant group of crypto enthusiasts, who make up 46% of respondents, and determined that representation of different groups of public regulators can determine the likelihood of crypto– favorable social changes.
Bitget carried out the research between July 2022 to January 2023 and involved over 459,000 respondents, of which more than 255,000 responded. As part of the study, information on fertility and the index for cryptocurrency adoption in the selected countries was correlated with other factors, such as the propensity of residents of selected countries to use blockchain technology, and data on the demographics of local cryptocurrency owners.
Respondents were categorized into age groups – Baby Boomers, Gen Xers, Millennials and Gen Z. Among them, Baby Boomers constituted 19% of the surveyed population, with 8% who cryptocurrency holders. Gen Xers made up 23% of the population, of which 25% were crypto holders, Millennials stood at 31% and 46%, and Gen Z adults at 17% and 21%, respectively, according to the categories. The statistics indicate uneven use of digital assets among different age groups, especially in countries with long life expectancy and a highly educated population, such as Japan.
The compiled data also indicates that Millennials are most loyal to cryptocurrencies, as they are more familiar with the internet and digital technologies, compared to older generations. The given age group is also starting to build their investment portfolios and is seeing cryptocurrencies as an attractive opportunity due to the high return potential demonstrated during 2017 and beyond. Gen Z representatives were also discovered to be fans of modern technologies, eager to turn to blockchain and digital assets, as they have no negative experience with economic crises, which were born after 2008.
Related statistics compiled on attitudes toward regulation of digital assets indicate that each successive generation is more eager for their representatives in power to have a similar interest in regulating blockchain assets, with a significant increase in the percentage from 6% to 27% among Gen Xere and Millennials, respectively. The spike can be attributed to the change in value mapping seen in these two generations, particularly regarding changes in technologies, work-life balance issues, diversity and inclusion factors, and weakened trust in institutions. It is likely that the influence of Baby Boomers and Gen Xers will weaken, as by 2030 all Gen Z members will be adults and the spread of blockchain technology by then could lead to an increase in the percentage of cryptocurrency adopt across all generations. As such, the chances of growth in cryptocurrency acceptance in the coming years are very high.
“The popularity and acceptance of cryptocurrencies varies between different age groups. Through this research, we can better understand the needs and preferences of crypto users, and it also enables us to distribute relevant plans for widespread industry use. At Bitget, our mission is to inspire individuals to embrace crypto with simple but powerful tools. By providing a user-friendly trading and copy trading platform, as well as conducting extensive research to inform our strategies, we aim to play a key role in the growth of this exciting and innovative industry,” as Gracie Chencommented the managing director of Bitget research.
Analysis of overall data obtained during the research allows the Bitget team to conclude that population growth in the studied countries is generally decreasing. Combined with the increase in life expectancy, a situation of total rejection of cryptocurrencies may arise, blocking innovation and modern technology. However, the decline in the proportion of baby boomers and Generation Xers in the total population can be followed by processes of abolition and rehabilitation of solutions that benefit society and replacement of conservatism with progressivism.
The study conducted by Bitget is an invaluable source of information that gives researchers from several fields a more comprehensive view of wider aspects related to the use of technologies. Moreover, it can act as a bedrock for finding consistencies and connections crypto– technology companies, public organizations, crypto stock exchanges and other companies interested in gaining competitive advantage.
The findings of the research also suggest that by the beginning of the next decade, demographic processes may lead to a dramatic shift towards increased acceptance of cryptocurrencies, despite the slowdown in population growth.
About Bitget
Established in 2018, Bitten is the world leader cryptocurrency exchange with futures trading and copy trading services as key features. Serving over 8 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution. Bitget inspires individuals to embrace crypto through cooperation with credible partners, including legendary Argentine soccer player Lionel Messi, the leading Italian football team Juventus, and the official eSports organizer PGL. According to Coingecko, Bitget is currently a top 5 futures trading platform and a top 10 spot trading platform.
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SOURCE Bitget
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