bitgetthe best crypto exchange and trading copy platform, published an in-depth study on the relationship between demographics and cryptocurrency adoption rates among different generations.
Bitget led the research between July 2022 and January 2023 with over 255,000 survey responses from 26 countries, with participants categorized into four age groups. The analysis concluded that Millennials are the dominant group of crypto enthusiastscomprising 46% of respondents, and determined that the representation of different groups by government regulators can determine the likelihood of crypto-friendly social changes.
As part of the study, information on fertility and the adoption index of cryptocurrency in the selected countries was correlated with other factors, such as the propensity of residents of the selected countries to use the blockchain technology and the demographics of local cryptocurrency owners.
Respondents were categorized into age groups – baby boomers, Gen Xers, Millennials, and Gen Z. Among them, baby boomers formed 19% of the surveyed population, of which 8% were cryptocurrency holders. Generation X made up 23% of the population, of which 25% were crypto holders, Millennials were 31% and 46%, and Gen Z adults at 17% and 21%, respectively, depending on the category. Statistics point to uneven use of digital assets among different age groups, especially in countries with long life expectancies and highly educated populations, such as Japan.
The compiled data also indicates that Millennials are the 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 beginning to build their investment portfolios and view cryptocurrencies as an attractive opportunity due to the high return potential demonstrated in 2017 and beyond. Representatives of Generation Z have also turned out to be fans of modern technologies, eager to turn to blockchain and digital assets, since they have no negative experience of financial crises, being born after 2008.
Related statistics compiled on attitudes towards digital asset regulation indicate that each successive generation is more eager for their representatives in power to have a similar interest in the regulation of blockchain assets, with a significant increase in the percentage of 6% to 27% among Gen Xers and Millennials, respectively. The spike can be attributed to the shift in value mapping seen in these two generations, particularly with respect to changes in technologies, work-life balance issues, diversity and inclusion factors, and the deterioration of trust in institutions. The influence of baby boomers and Gen Xers is likely to weaken, as by 2030 all members of Gen Z will be adults and the spread of blockchain technology at that time could lead to an increase in the percentage of cryptocurrency adopters across all generations. As such, the chances of growth in acceptance of cryptocurrencies in the coming years are very high.
“The popularity and acceptance of cryptocurrencies vary across different age groups. Through this research, we can better understand the needs and preferences of crypto users and it also allows us to deploy relevant plans for a Widespread industry adoption. At Bitget, our mission is to inspire people to embrace crypto with simple yet powerful tools. By providing a user-friendly platform for trading and copy trading, as well as leading extensive research to inform our strategies, we aim to play a key role in the growth of this exciting and innovative industry," as Bitget CEO Gracy Chen commented on the research.
Analyzing the aggregate data obtained during the research allows the Bitget team to conclude that population growth in the countries studied is generally slowing down. Combined with the increase in life expectancy, there may be a situation of total rejection of cryptocurrencies, blocking innovation and modern technology. However, the shrinking share of baby boomers and Gen Xers in the total population can be followed by processes of unlocking and rehabilitating solutions that benefit society and replacing conservatism with progressivism.
The study conducted by Bitget is an invaluable source of information that gives researchers from multiple fields a more complete view of the broader aspects related to technology adoption. Additionally, it can serve as a foundation for finding coherencies and connections for crypto-tech companies, government organizations, crypto exchanges, and other businesses interested in gaining a competitive edge.
The research findings also suggest that by the start of the next decade, demographic processes could lead to a sea change towards increased acceptance of cryptocurrencies, despite slowing population growth.
See the full report here
Created in 2018, bitget is the world's first cryptocurrency exchange with a primary focus on copy trading. Serving over 8 million users in over 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution.
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