Gen Z and Millennials are at the forefront of cryptocurrency adoption in Europe, according to a YouGov research commissioned by crypto exchange Bitpanda. The survey analyzed five countries, including Switzerland, Austria, France, Germany, and Italy.
The survey identified Switzerland as the leading nation in digital currency ownership, with 23% of its population owning digital currencies. This is followed by Austria at 18% and France at 14%. Germany and Italy lag behind with 11% and 9%, respectively.
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Younger Europeans Turn To Digital Assets
The findings reflect a growing trend among younger Europeans who are increasingly turning to digital assets as part of their investment strategies. It also revealed a generational divide in crypto adoption, with Millennials (aged 28-43) and Gen Z (aged 18-27) showing a strong inclination towards these digital assets.
On average, 24% of Millennials and 19% of Gen Z across the surveyed countries own cryptocurrencies. In Switzerland, these figures are even higher, with 32% of Millennials and 29% of Gen Z reporting crypto ownership.
“The future of finance is in the hands of the younger generation,” Eric Demuth, Co-founder and CEO of Bitpanda, commented on the findings. “The results of this study show that cryptocurrencies are becoming increasingly popular in Europe, especially among Millennials and Generation Z. These young people continue to drive the adoption of cryptocurrencies.”
The survey also revealed a strong sense of optimism among these younger investors, with nearly 29% of individuals under the age of 43 planning to invest in cryptocurrencies within the next year.
Additionally, 46% of these respondents expressed confidence that Bitcoin’s value would rise in the coming months, reflecting a growing belief in the potential of cryptocurrencies to deliver high returns, provide independence from traditional financial institutions, and offer transactional anonymity.
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Men More Likely To Invest In Crypto
Moreover, the survey identified a notable gender gap in cryptocurrency investments.
Men are significantly more likely to invest in digital assets, with 21% of men compared to just 8% of women owning cryptocurrencies. This disparity extends to other asset classes, with men consistently outpacing women in investment activities.
The motivation driving crypto investments vary. The prospect of high returns is the most commonly cited reason, followed by a desire for independence from traditional financial systems and the anonymity that cryptocurrencies can offer.
However, the survey also indicated a demand for more government regulation and comprehensive education on cryptocurrencies, as well as enhanced security measures and greater stability in the crypto market.
As reported, a Binance survey revealed there is a strong preference for long-term crypto investments over day trading among Latin American investors.
The survey found that 50.3% of respondents view cryptocurrency primarily as a long-term savings and investment tool. This marks a stark contrast to the 18.8% who engage in daily trading activities with their digital assets.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
