Bitget Global Cryptocurrency Ownership Survey Research: Millennials and Gen Z Will Drive Progress in the Crypto World
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Bitget Global Cryptocurrency Ownership Survey Research: Millennials and Gen Z Will Drive Progress in the Crypto World
Even as population growth slows, changes in age demographics could significantly boost the adoption of crypto assets.
Navigating Web3 tides with focused insightsRecently, Bitget conducted a study on how demographic age distribution and generational cycles influence the adoption rate of cryptocurrency assets. The research collected over 255,000 valid responses from 26 countries worldwide. Participants were divided into four age groups, revealing that millennials form the core group of crypto enthusiasts, making up 46% of respondents. The age composition within regulatory bodies significantly impacts the direction of the crypto industry’s development.
The survey was carried out by Bitget between July 2022 and January 2023, involving more than 459,000 respondents, with over 255,000 providing valid answers. As part of the study, fertility rates in selected countries were analyzed alongside cryptocurrency ownership indices and other factors such as residents’ propensity to use blockchain technology and demographic data of local crypto holders.
Respondents were categorized into different generations—Baby Boomers, Generation X, Millennials, and Generation Z. Baby Boomers accounted for 19% of respondents, with 8% owning crypto assets; Generation X made up 23%, of whom 25% held cryptocurrencies; Millennials represented 31%, with a crypto ownership rate of 46%; and adult members of Generation Z constituted 17%, with 21% holding digital assets. Statistics show uneven adoption of crypto assets across age groups, particularly evident in countries like Japan, where life expectancy is high and education levels are advanced.
Data also indicates that millennials demonstrate the strongest affinity toward crypto assets, being more familiar with the internet and digital technologies compared to older generations. This cohort is beginning to build investment portfolios and finds crypto assets highly appealing due to their demonstrated high return potential since 2017. Generation Z respondents also favor modern technologies and are inclined to adopt blockchain and digital assets. Born after 2008, this generation has not experienced major financial crises.
Regarding attitudes toward digital asset regulation, statistics reveal that across all age groups, respondents expressed a desire for policymakers from their own generation to address digital asset regulation. This sentiment peaked among Generation X and Millennials, ranging from 6% to 27%. This peak reflects shifting values observed in these two generations—particularly regarding technological change, work-life balance, diversity and inclusion, and declining trust in institutions. The influence of Baby Boomers and Generation X is likely to diminish, as by 2030 all members of Generation Z will have reached adulthood. Wider adoption of blockchain technology may then lead to increased cryptocurrency ownership across all age groups, suggesting a significant rise in crypto acceptance in the coming years.
Commenting on the study, Gracy Chen, Managing Director at Bitget, said: "Different age groups vary in their openness and acceptance of cryptocurrency. Through this research, we gain deeper insights into user needs and preferences, enabling us to design initiatives that promote broader industry adoption. At Bitget, our mission is to empower people to embrace cryptocurrency. By offering secure and efficient services as a gateway to the crypto world, we aim to play a pivotal role in advancing this innovative industry."
After analyzing the overall dataset, Bitget noted that population growth in the studied countries is generally slowing, coupled with increasing life expectancy, which could result in resistance to adopting crypto assets and hinder innovation and technological progress. However, as the share of Baby Boomers and Generation X in the total population declines, this trend may reverse, creating favorable conditions for both the crypto industry and societal advancement.
Bitget's study provides valuable insights for researchers across various fields, supporting a comprehensive understanding of industry diffusion and development. Furthermore, findings suggest that even if population growth slows, shifts in age demographics in the next cycle could substantially boost cryptocurrency acceptance.
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