Based on a recent survey by Piplsay, Millennials own 49% of cryptocurrency, Gen Xers hold 38%, and Gen Z owners 13%. The millennial generation is also more likely to adopt crypto as a payment method, with 53% of the people saying they are likely going to pay for services or products with crypto, compared to 40% of GenX and GenZ 7%.
Kurt Kumar, CEO of Rocketfuel Blockchain, a crypto payment processing company, says millennials are accustomed to Web 2.0 (mobile) and Web 3.0 (crypto) technology. According to him, younger millennials understand the concept of treasure chests and digital wallets, which are common features of games like Minecraft and Fortnite.
According to Beresford Research, the youngest millennials in the cohort are 25 years old, while the oldest is 40 years old. Kumar also pointed out that some of this generation’s young members may lack credit cards or bank accounts, so they are using crypto wallets so they can make purchases and transact instantly.
While this could also apply to GenZ, there is a chance that more millennials have the knowledge and maturity to appreciate and research crypto. A generation of six- to twenty-four-year-olds, GenZ, is just getting started in personal finance. According to the Piplsay research, 88% of crypto investment was done by users with a master’s or college degree.
Five thousand and sixty-one people over the age of 18 responded to the survey online. As per a Harris Poll and CouponCabin.com survey of 2,063 Americans, 44% indicated that they were very familiar or somewhat with cryptocurrency. The Harris Poll studies in the past have indicated the same results as those from Piplsay.
Andrew Gretchko of CouponCabin said the findings are concurring with a Harris/Bloomberg Poll survey conducted in February where 43% of Americans were very familiar or somewhat with cryptocurrencies. Despite Coinbase’s different new highs and massive IPO, the general awareness of cryptocurrencies among Americans has remained relatively unchanged.
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The Musk Effect
Crypto’s popularity among millennials may also be due to billionaire Elon Musk’s interest in the subject. In a statement, Kumar said that Elon’s meme tweets resonate with millennials because they are the ones who developed the meme culture. This culture has become a major channel for passing certain references across several millennial peers.
According to him, this generation considers itself a meme-dealer. Millennials and GenX follow Musk’s tweets more closely than GenZ, according to a separate Piplsay study. One-half of the millennials surveyed said Tesla Technoking’s tweets made them consider investing.
Dogecoin more Famous than Ethereum
As a result of Musk’s social media presence, crypto, in general, is now better known, as well as Dogecoin. 89% of Americans have heard of cryptocurrency, with 71% aware of Bitcoin, according to a Harris Poll survey. In the survey, 29% of Americans know about Doge, while 21% are familiar with Ethereum, also known as the second-largest cryptocurrency by market cap.
Gretchko believes that Dogecoin’s high awareness (29%) can be attributed to the cultural relevance that Elon Musk has given the cryptocurrency. While Ethereum may have longer-term utility, the latter has been memefied and gained Musk’s endorsement, enabling it to gain further traction.
Is Crypto still a good investment?
It may be a good time to buy Bitcoin as it remained below $40,000 per U.S. dollar for the seventh straight day and other cryptos also fell. Kumar said, “Crypto is here to stay.” “Investing a portion of your funds in Bitcoins is a sound financial strategy and a hedge against [inflation]. The value of Bitcoin has risen steadily over the last decade.
Unless they have a solid grasp of alt-coins, Kumar urges retail investors to pay attention to Bitcoin and Ethereum. If you don’t want to embrace the speculative nature of Doge, stay away from it, Kumar advised.
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