Bitget Global Cryptocurrency Asset Holding Rate Survey: Millennials and Generation Z Will Better Promote the Progress of the Crypto World

Written by: Bitget Research Institute

Recently, Bitget conducted a study on the changes in demographic age groups and different generational cycles regarding the development process of cryptocurrency asset ownership. Bitget collected over 255,000 survey responses from 26 countries worldwide, categorizing participants into four age groups. The analysis concluded that millennials are the primary group of cryptocurrency enthusiasts, accounting for 46% of respondents, and the proportion of different age groups in regulatory bodies influences the direction of the cryptocurrency industry.

The survey was conducted from July 2022 to January 2023, with over 459,000 respondents, of which more than 255,000 provided valid answers. As part of the research, the fertility rates of selected countries, cryptocurrency ownership indices, and other factors were correlated, such as the tendency of residents in selected countries to use blockchain technology and the demographic data of local cryptocurrency holders.

Respondents were divided into different age groups—Baby Boomers, Generation X, Millennials, and Generation Z. Among them, Baby Boomers accounted for 19% of respondents, with 8% being cryptocurrency holders; Generation X accounted for 23%, with 25% being cryptocurrency holders; Millennials accounted for 31%, with 46% being cryptocurrency holders; and Generation Z adults accounted for 17%, with 21% holding cryptocurrency. The statistics indicate that the use of cryptocurrency assets is not evenly distributed among different age groups, especially in countries like Japan, where life expectancy is high and the population is well-educated.

The data also indicates that millennials are the most loyal to cryptocurrency assets, as they are more familiar with the internet and electronic technology compared to older generations. This age group is also beginning to build their investment portfolios and finds cryptocurrency assets highly attractive due to their high return potential demonstrated since 2017. Generation Z respondents also favor modern technology and tend to use blockchain technology and digital assets; this group was born after 2008 and has not experienced events like the financial crisis.

Regarding attitudes towards digital asset regulation, relevant statistics show that respondents of all ages expressed a desire for their age group's governing representatives to pay attention to digital asset regulatory issues, with this proportion being 6% to 27% among Generation X and Millennials, showing a significant peak. This peak can be attributed to the value changes observed in these two generations, particularly concerning technological changes, work-life balance issues, diversity and inclusion factors, and a decrease in trust in institutions. The influence of Baby Boomers and Generation X is likely to diminish, as by 2030, all Generation Z will be adults, and the widespread adoption of blockchain technology may lead to an increase in the proportion of cryptocurrency holders across all generations. Therefore, the acceptance of cryptocurrency assets is expected to rise significantly in the coming years.

In response to this research, Bitget's General Manager Gracy Chen stated, "The welcome and acceptance of cryptocurrency assets vary among different age groups. Through this study, we can better understand the needs and preferences of cryptocurrency users and arrange relevant plans to promote the widespread application of the industry. At Bitget, our mission is to encourage people to embrace cryptocurrency assets. By providing secure and efficient services, we aim to offer a super entry point into the cryptocurrency world and play a crucial role in the development of this innovative industry."

After analyzing the overall data obtained during the study period, Bitget pointed out that the population growth in the studied countries is generally slowing down, coupled with increased life expectancy, which may lead to a reluctance to adopt cryptocurrency assets, hindering innovation and the development of modern technology. However, the declining proportion of Baby Boomers and Generation X in the total population may reverse this situation, benefiting the development of the cryptocurrency industry and society.

Bitget's study aids researchers in various fields to gain a comprehensive understanding of the popularization and development of the industry. Furthermore, the research results indicate that as we enter the next cycle, even with slowing population growth, changes in demographic age groups may significantly enhance the acceptance of cryptocurrency assets.