Cryptocurrency Boom Among Gen Z: Bitget Sees 683% User Growth in November

Leading crypto exchange Bitget has reported a record 683% monthly growth in Gen Z users in November 2024. The surge coincided with the results of the US presidential elections, where the possibility of eased regulatory hostility has resonated particularly with young people.

These developments influenced financial preferences, report says

The share of Gen Z users on the platform increased from 26.2% in October to 53.8% in November, highlighting the impact of political events on financial preferences. U.S. Presidential Elections outcome resulted in a proposal to create a national Bitcoin reserve and propose a regulatory framework for digital assets, boosting optimism in the market.

A 40% surge in Bitcoin prices since the election has sparked a wave of FOMO (fear of missing out) among young investors. With this sentiment in mind, 844,000 new Gen Z users signed up on Bitget in November alone, more than seven times the October figure. 

Bitget CEO Gracie Chen commented on the statistics:

The significant increase in Gen Z users’ engagement reflects a key shift in how cryptocurrency is perceived — not just as a speculative tool, but as an important part of their financial future 

This trend extends beyond the U.S., with countries like Brazil and Poland developing pro-crypto legislation.

According to analysts, Gen Z and young millennials are driving the crypto market due to their digital literacy and openness to new technologies.

Generation Z choosing cryptocurrencies, here’s why

The key factors behind the popularity of cryptocurrencies among Generation Z are their technological literacy, adaptability to digital tools, and distrust of traditional financial institutions. Young investors see cryptocurrency as an opportunity for long-term growth and financial independence.

An additional driver is Generation Z's interest in Web3 and decentralized applications that offer new forms of interaction, earnings, and asset management. Research shows that 71% of young investors see blockchain as a technology that will change industries, from finance to artificial intelligence.

This trend extends beyond the United States: for example, Brazil and Poland are developing legislative initiatives that support cryptocurrencies.

Experts emphasize that the popularity of digital assets among Generation Z is not just a fad, but a long-term trend that will shape the future of the global economy.