Bitcoin’s Popularity Soars Among Millennials, While Baby Boomers and Gen X Stick to Fiat Currencies

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  • 67% of millennials consider Bitcoin a crucial investment tool for financial freedom and diversification during economic uncertainty, according to a BanklessTimes study.
  • Previous surveys have shown that 50% of millennial millionaires have invested at least a quarter of their wealth in crypto, while Baby Boomers and Generation X still prefer fiat currencies.
  • The Philippines has emerged as a leader in crypto adoption, with the second-highest number of crypto owners globally, according to recent studies.

The fact that the majority of the crypto hodlers around the globe are millennials, a study conducted by BanklessTimes revealed that 67% of respondents aged 27 to 42 years old, consider Bitcoin a vital investment instrument because according to Jonathan Merry, the CEO of BanklessTimes, the token offers financial freedom and allows them to diversify in times of economic uncertainty.

The percentage of crypto hodlers per generation. Data from Stilt.

Aside from seeing the good side of BTC, the millennials surveyed also expressed their optimism that the token will soon be a mainstream asset worldwide. According to TripleA, there are over 420 million crypto users as of the moment, a small percentage compared to the global population of eight billion. 

Meanwhile, the study also showed that those who were born between 1981-1996 are more open to digital innovations and are more likely to deal with BTC than Generation X and Baby Boomers, which only stick to fiat currencies and are doubtful towards the crypto industry.

Another study conducted in 2021 supported the above mentioned study, adding that nearly 50% of millennial millionaires had already invested at least a quarter of their wealth in crypto, the year where the peak of BTC and other coins reached their all-time highs.

Moreover, 36% of millennials and 51% of Generation Z were also willing to receive part of their salaries in BTC that time. Where, as early as 2018, 310 out of 1000 respondents expressed that they would be happy to receive all or a part of their salary in cryptocurrency.

This is not the first survey that showed optimism towards the crypto industry. 

In March 2022, a study by the NFT gaming platform Balthazar revealed that 32% of the respondents are ready to quit their job or consider resigning from their professional positions if they could play non-fungible token (NFT) games full time.

In May 2022, GWI’s, formerly GlobalWebIndex, 2021 Q4 broad global survey ranked the Philippines as second in terms of ownership of crypto with 22.7%.

Turkey tops the survey with 23.8% crypto owners, the Philippines as the second, then followed by Argentina (20.4%), Thailand (20.3%), South Africa (19.5%), Nigeria (18.5%), Singapore (17.9%), Indonesia (17.4%), Brazil (16%) and the United States (14.2%).

Then in September 2022, the local adoption of cryptocurrency in the Philippines has definitely performed better than others, as the country ranks second among the 20 countries surveyed in terms of crypto adoption by the blockchain data platform Chainalysis.

This article is published on BitPinas: Bitcoin’s Popularity Soars Among Millennials, While Baby Boomers and Gen X Stick to Fiat Currencies

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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Nath Cajuday

BitPinas is the oldest blockchain and cryptocurrency news outlet that covers the Philippine blockchain and crypto scene. We are also writing general and international blockchain topics that are relevant to our audience.