New research shows that many Millennials and Gen Zs in first-world countries own crypto. In fact, a greater percentage of them want to make virtual currencies their retirement plan. According to data from Bitget’s researchers, a survey was conducted in more than 26 countries with over 255,000 respondents.
These respondents comprised Millennials, Gen Xers, Gen Z, and Baby Boomers. The major countries interviewed are Nigeria, the United States, Indonesia, the UK, China, and Japan. One of the major reasons the researchers used these countries is because of their large populations. Out of these countries, the researchers targeted not less than 10,000 responders from them. The margin of error for the survey is ± 0.1%, and its confidence interval is 95%.
Large Percentage of Respondents Own Cryptocurrency
From the study, 46 percent of those who responded own some form of crypto. Those behind this study focused on the responders' activity between July 2022 and January 2023. From the study's data, 19% of the respondents were baby boomers. Then about 23% of those participating in the survey were Gen Xers. Gen Z and Millennials were 31% and 17%, respectively, in the study. The Bitget study was compiled and released by the crypto exchange on the 28th of April, 2023. The study also showed trends that determined crypto ownership by country.
The study details showed that Millennials had more virtual assets than Gen Zs, but the Gen Zs have more knowledge about cryptocurrencies than most Millennials. The study showed that 46% of the Millennial respondents own virtual assets.
Only about 21% of the Gen Z respondents owned cryptocurrencies. Gen Xers, they own about 25% of virtual assets. Baby boomers were pretty low in the ranking as they owned only about 8% of virtual assets. Gen Z9 also showed traits of better crypto education than the Millennials.
About 36% of Gen Zs mentioned the importance of crypto regulation. For Millennials, about 27% noted the importance of crypto regulation. Gen Xers and Baby Boomers were very low at 6% and 4%, respectively.
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Gen Zs Plan their Retirement in Virtual Assets
Gen X has more interest in the crypto industry, but the Millennials have a wide knowledge of other financial sectors. Millennials are also interested in other financial markets, such as stock, forex, and bonds. Both Gen Zs and Millennials aspire to have their retirement plan in virtual assets.
According to a survey by Charles Schwab, a large percentage of Millennials and Gen Zs wanted virtual assets to be part of their retirement plan. They wanted it to be part of what they would rely on when they were not actively working. The asset manager conducted the US survey between April 4 and April 19, 2022, and the results were released the same year.
The result showed that 46% of Gen Z and 45% of Millennials wanted part of their retirement plan in virtual assets like crypto. In fact, about 43% of Gen Z and 47% already have investments in cryptocurrencies, according to the study. The response gotten from this survey shows that the outlook of finances might be changing quite too fast than predicted.