Bitget, a crypto derivatives and copy trading platform, has released an extensive 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, with the participants being categorized into four age groups. The analysis concluded that Millennials are the dominant group of crypto enthusiasts, comprising 46% of respondents, and determined that representation of different groups by government regulators can determine the likelihood of crypto-favorable social changes.
Bitget conducted the research between July 2022 to January 2023 and involved over 459,000 respondents, of whom more than 255,000 provided responses. As part of the study, information on fertility and the index of 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.
The respondents were categorized into age groups – Baby boomers, Gen Xers, Millennials, and Gen Z. Among them, Baby boomers formed 19% of the surveyed population, with 8% being cryptocurrency holders. Gen Xers comprised 23% of the population, with 25% being crypto holders, Millennials stood at 45% and 31%, and Gen Z adults at 21% and 17%, respectively as per the categories. The statistics indicate uneven use of digital assets among different age groups, especially in countries with long life expectancies 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 sees cryptocurrencies as an attractive opportunity due to the high return potential demonstrated during 2017 and onwards. Gen Z representatives were also discovered to be fans of modern technologies, keen on turning to blockchain and digital assets, as they have no negative experience with financial crises, being born after 2008.
Related statistics compiled on attitudes towards the 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 spike in the percentage at 6% to 27% among Gen Xers and Millennials, respectively. The spike 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. 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 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 popularity and acceptance of cryptocurrencies vary among different age groups. Through this research, we can better understand the needs and preferences of crypto users and it also enables us to deploy relevant plans for widespread adoption of the industry. At Bitget, our mission is to inspire individuals to embrace crypto with simple yet powerful tools. By providing a user-friendly platform for trading and copy trading, 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 Gracy Chen, the Managing Director of Bitget commented on the research.
Analysis of overall data obtained during the research allows the Bitget team to conclude that the population growth of the studied countries 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 decrease in the share of Baby boomers and Gen Xers in the total population may be followed by processes of unblocking and rehabilitation of solutions that benefit society and the replacement of conservatism with progressivism.
The study conducted by Bitget is an invaluable source of information that gives researchers from multiple fields a more comprehensive view of broader aspects related to the adoption of technologies. Moreover, it can act as a bedrock for finding consistencies and connections for crypto-tech companies, government organizations, crypto exchanges, and other companies interested in gaining a competitive edge.
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.
