As with anything else modern hat comes out, technological trends are always the most popular among the younger generations. It is the same with music, fashion, slang, and hobbies. More importantly, it is also similar with world views, social and ecological problems, and the right kind of outlook on the future. Young people should drive the world forward and not keep it in place or even worse, make it go back and hinder its progress.
Over the course of the last decade or so, the most important shift in the world has dealt with economy, business, and investment. Apart from technology which is always moving at rapid speeds, the whole financial sector and everything around it started to change following the wider adoption of cryptocurrencies. Digital assets like bitcoin have enjoyed moderate success for a few years, but in the last few they have taken the world by storm due to how popular, valuable, and promising they are. In case you want to become a part of this market, you will need the right info and data on your side so visit this site.
The leading supporters of virtual currencies are younger generations, particularly the millennial generations. Although Baby Boomers, Generation X and Generation Y are also intrigued, it is the millennials who appear to be the most fascinated with cryptos. In this article, we will talk about exactly how many millennials use cryptocurrency and why that is. If you want to learn more about cryptocurrency as a whole, make sure to read this review.
Key Facts and Stats
According to numerous researches and studies, it is more than evident that the majority of cryptocurrency buyers, traders, and investors are millennials. Millennials are people who are currently between 25 and 40 years old, so young adults and adults in their prime working years. To put the numbers into a clearer perspective, over 76% of all crypto buyers are millennials. Gen Z, or people between 18 and 24 years of age, make up just over 17%. Gen X, those who are between 41 and 56, make up slightly under 5% of all crypto buyers. Finally, less than 1.25% are Baby Boomers, or people over 57.
When it comes to who spends more, Gen X actually spend more on average. In a span of a year, they spent more than $9,600 on crypto assets. Millennials are slightly behind with $8,600, Gen Z spent $6,100, and Boomers set aside $4,500. According to these stats, younger investors spent a lot more on their crypto investments than older generations who have worked most of their life and are either retired or soon to be retired. They have no problem spending more probably because they believe in it more and realize that the future will be about digital assets more than traditional money.
To continue the important comparisons, millennials do have more debt on average than their younger Gen Z colleagues. Their credit card, student loan, auto loan, and personal loan debts are considerably higher both than the average and that of Gen Z, often as much as 50% or more.
Millennials Took Advantage
Another type of study carried out determined that 49% of polled millennials owned crypto assets, compared to the 38% of Gen X and only 13% of Gen Z. What is more, millennials also use cryptos as forms of payment since around 53% of them said they are highly likely to buy products and pay for services with it. Gen X stood at 40% and Gen Z only at 7%.
The wider adoption among those who are between 25 and 40 right now is connected to the fact that they are more familiar with both the mobile and crypto technology, that are considered Web 2.0 and Web 3.0 technologies. They grew up with them advancing and they are in a prime position to guess how the next tech trends will develop and where it is all moving. In short, they reached maturity during the best times for modern technology and popular trends, while they also remember the world before it.
Boomers, Gen Z, and Gen X were either too old and used to the things from their time or too young to remember or witness the change. This is why millennials are by far the most interested generations when it comes to anything technology-related, especially cryptocurrencies. It certainly helps that millennial millionaires and billionaires are often people who aim to break away from tradition and do things the new and modern way.
To further the discussion, it is estimated that half of all millennial millionaires have at least 25% of their entire wealth in crypto. This means that it is a recognized and well adopted form of making money and that young adults know it. Such a movement will soon cause a shift in the wealth management industry as governments, banks, brokers, and companies look for new ways to build a new clientele who need their new services aimed towards crypto enthusiasts and investors.
Millennials Thought Less and Did More
While older people, both average working-class citizens and rich investors and businessmen, looked at cryptocurrencies as something that is not legit, millennials jumped on board. As bitcoin paved and led the way for the rest, they still resisted to tag along and reap the benefits while more and more millennials realized the potential and adopted the new and exciting ways of making money.
Fast-forward to 2023, it is very difficult to calculate the total number of crypto holders and users, but it is more than reasonable to believe that the majority of all people in the world who buy, sell, trade, and do other related crypto work are indeed between 25 and 40 years old. In the future, other generations will have a good chance to catch up but this is already a game where those born between 1980 and 1995 dominate. It is almost like the industry is made for those with a mindset that could only have been developed if you were a certain age at the turn of the millennium.