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Study by Bitget Displays Demography Changes Accelerate Crypto Adoption

Fri, 04/28/2023 - 13:59
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Vladislav Sopov
Bitget, a top-tier crypto exchange and trading platform, shares its review of correlation between demography indicators and Web3 adoption
Study by Bitget Displays Demography Changes Accelerate Crypto Adoption
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Bitget's team published a study based on over 255,000 responses from 459,000 respondents from 26 countries and included a number of groups and categories to deepen insight into the subject of the research.

Here’s how various generations work with crypto: Report

An extensive study released by the global Bitget crypto derivatives and copy trading exchange has revealed striking statistics regarding the correlation between demographic changes in studied countries and gradual crypto adoption across generations.

The study conducted by Bitget between July 2022 and January 2023 revealed that Millennial generation representatives comprised 46% of respondents and identified themselves as crypto enthusiasts. Adequate representation of various age groups in government entities was concluded to be the main driver of social change, and an engine of crypto adoption both presently and in the near future as generation cycles change.

Among the factors taken into account during the study were fertility rates and cryptocurrency adoption indices to establish a feasible correlation with other indicators, such as population propensity and blockchain technology penetration. The age groups taken into account were Baby Boomers, Gen Xers, Millennials, and Gen Z, with Millennials being the most numerous at 31%, 46% of which claimed to be cryptocurrency enthusiasts. Gen X representatives followed suit at 23%, 25% being pro-crypto.

Millennials run crypto adoption globally

The results of the study hint that Millennial generation representatives are more inclined to use cryptocurrencies and blockchain due to their familiarity with modern technologies and the digital environment as a whole. Gen Z respondents proved to have an equal attraction to digital currencies. Both generations showcased a high interest in using digital currencies as a source of investment, largely due to their lack of faith in centralized institutions and the financial system, the study concluded.

More importantly, the study found that newer generations strive for greater representation in government and push their views on digital technologies and finances, including blockchain and cryptocurrencies, as part of their legal regulation efforts. Millennials were the most eager to be represented, at 27%, followed by Gen X representatives at 6%. The fact that Baby boomer and Gen X generations will be dominated by Gen Z representatives, who will have become adults by 2030, is an indicator of the impending growth of blockchain and crypto adoption globally.

In conclusion, the Bitget team stated that population growth is generally decelerating in developed countries, while an increase in life expectancy is erecting barriers before younger generations, who will be facing opposition from Baby boomers and Gen X representatives alike in government institutions. The eventual decrease in the share of older generations will also likely act as a catalyst for change in digital technology and cryptocurrency adoption, marking a shift from conservatism to progressivism in the coming years.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (, Monoreto, Attic Lab etc.)