Gushiken Yona
Gen Z is storming the gates of finance, with over half of adults aged 18-29 globally now owning or having owned cryptocurrency, according to a new survey by Gemini. This dramatic adoption rate, far surpassing that of older generations, signals a seismic shift in the financial landscape, as digital assets move from the fringes to the mainstream.
High Cryptocurrency Ownership Among Gen Z
A new survey by cryptocurrency exchange Gemini reveals that over half of Gen Z adults globally now own or have previously owned digital assets like Bitcoin and Ethereum, signaling a sea change in financial engagement. Conducted by Data Driven Consulting Group, the survey polled 6,000 adults across the U.S., U.K., France, Singapore, and Turkey between May and July 2024.
The survey found that 51% of Gen Z respondents have experience with cryptocurrency, compared to 35 percent of the general population. In the U.S., 51% of Gen Z adults reported crypto ownership, slightly surpassing the 49 percent of Millennials and significantly higher than the 29 percent of Gen X.
This trend is consistent across other surveyed countries, including the U.K., France, Singapore, and Turkey, indicating a global phenomenon. This widespread adoption positions Gen Z as a key driver in the ongoing evolution of cryptocurrency markets.
Gen Z’s Unique Perspectives on Cryptocurrency Regulation
Gen Z’s viewpoint on cryptocurrency regulation differs markedly from older generations. Only 31% of Gen Z respondents globally said they strongly agree with the need for increased government regulation, compared to 46 percent of the general population.
This suggests that the younger generation, who will play a crucial role in shaping future crypto regulations, may have a more optimistic view of the industry’s capacity for self-governance as global regulatory frameworks, such as those being developed in the EU and the U.S., continue to develop.
Gen Z: Cryptocurrency as an Income Source and Inflation Hedge
The survey also highlighted that nearly half of Gen Z (48%) globally see cryptocurrency as a way to generate income, compared to 41 percent of the general population. This is particularly true in the U.K., where 42% of Gen Z crypto owners use it as a hedge against inflation, compared to 32% of all crypto owners in the U.K.
In France, 39% of Gen Z owners use crypto to generate profit, versus 30% of the general population. These findings suggest that Gen Z views digital assets not just as a speculative investment but also as a practical tool for navigating economic challenges.
A separate report by the CFA Institute further emphasized that “Gen Z investors are more likely to make investment decisions based on ‘gut instinct’ than other generations,” which may contribute to their willingness to embrace new and potentially volatile assets like cryptocurrency. It also highlighted that “Gen Z is more likely to get investing information from social media than other generations.”
This reliance on social media for financial information, coupled with the prevalence of “finfluencers” and online crypto communities, may be contributing to Gen Z’s perception of crypto as a viable income source and inflation hedge. Furthermore, their digital nativism and familiarity with online platforms likely make them more comfortable with the concept of digital currencies and decentralized finance.
Gen Z’s high levels of cryptocurrency ownership, coupled with their unique perspectives on regulation and its use as a financial tool, indicate a significant shift in the financial landscape. “Crypto is the money of the future and the future generations,” Tyler Winklevoss, Co-Founder of Gemini, said.
As this generation continues to mature, their influence on the cryptocurrency market and the broader financial ecosystem is expected to grow.
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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
