Bitget Study Reveals Millennials As Dominant Group In Crypto Adoption
Bitget, a leading cryptocurrency derivatives and copy trading platform, has released a detailed study on the relationship between demographic changes and cryptocurrency adoption rates among different generations. The research was conducted between July 2022 to January 2023 and involved over 459,000 respondents from 26 countries, of whom more than 255,000 provided responses. The participants were categorized into four age groups, namely Baby boomers, Gen Xers, Millennials, and Gen Z, with the analysis concluding that Millennials are the dominant group of crypto enthusiasts, comprising 46% of respondents.
Bitget has released an extensive study on the relationship between demographic changes and cryptocurrency adoption rates among different generations. Millennials (people born from 1981 to 1996) are the dominant group of crypto enthusiasts, comprising 46% of respondents.… pic.twitter.com/v3ZuXZJ2pQ
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Millennials: Most Loyal to Cryptocurrencies
The study found that different generations have varying levels of interest in cryptocurrencies, with Baby boomers forming 19% of the surveyed population and 8% being cryptocurrency holders. Gen Xers comprised 23% of the population, with 25% being crypto holders, while Millennials stood at 45% and 31%, and Gen Z adults at 21% and 17%, respectively. The data shows 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.
Furthermore, the study suggests that the representation of different groups by government regulators can determine the likelihood of crypto-favorable social changes. 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.
Future of Cryptocurrency Adoption
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 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. The study is a timely reminder for cryptocurrency companies to focus on catering to the needs and preferences of the younger generation, who are the primary adopters of digital assets. Bitget’s Managing Director, Gracy Chen, commented on the research, saying that “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.”
