Millennials own more crypto than any other generation: poll
31 May 2021
As many as 49% of millennials own cryptocurrency, compared to 38% of Gen X and 13% of Gen Z.
This is according to the results of a survey undertaken by Pipslay published on Monday.
In addition, millennials are more likely to adopt crypto as a method of payment, with 53% saying they are “very likely” to make a purchase using crypto, compared to 40% of Gen X polled and 7% of Gen Z, says a Yahoo Finance report.
“Millennials are growing natively with Web 2.0 — that is, mobile — and Web 3.0 (crypto) technology,” says Kurt Kumar of Rocketfuel Blockchain. “They intuitively understand digital wallets and treasure chests, which are part of many games younger millennials played, such as Fortnite and Minecraft.”
The Piplsay findings also revealed that 88% of all cryptocurrency investing was carried out by respondents holding a college or master’s degree.
The results took into account the responses from 5,061 people over 18 years of age.
In addition, another survey from Harris Poll and CouponCabin.com revealed 44% of the 2,063 respondents in the U.S. stated they were “somewhat” or “very” familiar with cryptocurrencies.
“These results are consistent with a Bloomberg/Harris Poll survey from February that saw 43% of Americans respond that they were somewhat or very familiar with cryptocurrencies such as Bitcoin, Ethereum and Dogecoin,” said Andrew Gretchko from CouponCabin. “Even after the massive Coinbase IPO and multiple new highs, the overall awareness for cryptocurrencies amongst the American public has largely been unchanged over the past few months.”
Moreover, a degree of millennials’ heightened interest in crypto has stemmed from Tesla boss Elon Musk’s interest.
Kumar added: “Elon’s meme tweets to his millions of followers resonates with millennials as they are the ones growing up with meme culture. Memes have been a main conduit for communicating certain references across millennial peer groups.”
Another poll carried out by Pipslay showed 41% of millennials and 35% of Gen X follow Elon Musk’s tweets, compared to 24% of Gen Z.
Around half of millennials surveyed said they had made or contemplated making investments based on the Tesla CEO’s tweets.