Cryptocurrency adoption rates are on the rise, with more millennials and Gen Z members embracing digital assets, decentralized Finances (Defi), and cryptocurrencies, according to a recent study conducted by Bitget.
The study aimed to investigate the relationship between demographic changes and cryptocurrency adoption rates among different age groups across 26 countries. Bitget analyzed over 255,000 survey responses categorized into four age groups: Baby boomers, Gen Xers, Millennials, and Gen Z.
Millennials are the Dominant Crypto Enthusiasts
The study found that millennials are the dominant group of crypto enthusiasts, comprising 46% of respondents. They are also most loyal to cryptocurrencies, as they are more familiar with the internet and digital technologies than older generations.
Gen Z members are also keen on blockchain technology, having been born after 2008 and thus avoiding negative experiences with financial crises. However, baby boomers and Gen Xers are not as keen on digital assets, with 8% and 25% being cryptocurrency holders, respectively.
Regulation of Digital Assets
The study also analyzed attitudes towards the regulation of digital assets and found that each successive generation is more eager for their representatives in power to regulate blockchain assets. The percentage of Gen Xers and Millennials who want their representatives to regulate blockchain assets is 6% and 27%, respectively, indicating a significant spike.
This can be attributed to the change in value mapping seen in these two generations, especially regarding changes in technologies, work-life balance issues, diversity and inclusion factors, and deterioration of trust in institutions.
The Future of Cryptocurrency Adoption
By 2030, all Gen Z members will be adults, and the spread of blockchain technology by that time could lead to an increase in the percentage of cryptocurrency adopters across all generations.
As such, the chances of the growth in acceptance of cryptocurrencies in the coming years are very high. The findings of the research also suggest that demographic processes may lead to a dramatic shift towards increased acceptance of cryptocurrencies despite the slowdown in population growth.
Conclusion
The study conducted by Bitget provides valuable information on cryptocurrency adoption rates across different generations. The increasing acceptance of digital assets among younger generations indicates a growing trend toward using blockchain technology.
Additionally, the study’s findings suggest that the regulation of digital assets by government regulators can determine the likelihood of crypto-favorable social changes. With the demographic processes that will take place in the next decade, the chances of increased acceptance of cryptocurrencies are high, and companies in the crypto industry should prepare for this shift.
