A recent study by BlackRock shows that global cryptocurrency adoption has reached 300 million users within just 12 years.
This growth occurs 43% faster than mobile phone adoption and 20% faster than the internet. For comparison, mobile phones took 21 years to reach 300 million users, while the internet achieved this milestone in 15 years.
The global investment firm noted that adoption is driven by demographic trends, especially the rise of “digital natives.” The report indicates that younger generations are more open to Bitcoin adoption than Gen X and Baby Boomers.
Empower, a U.S.-based financial services company surveyed 1,009 Americans and confirmed BlackRock’s findings. The survey revealed that 34% of Gen Z respondents preferred cryptocurrencies over cash, the highest rate among all age groups.
Stilt, a platform that provides financial products and resources for immigrants, reports that Gen Z and Millennial buyers account for nearly 94% of all cryptocurrency purchases. In comparison, those over 40 represent just over 6%. When comparing generations, Gen Z buyers outnumber Gen X by 3.5 times and Baby Boomers by 14.3 times. Similarly, Millennials exceed Gen X by 15.5 times and Boomers by 62.9 times, demonstrating the significant dominance of younger generations in the cryptocurrency market.
Meanwhile, Galaxy analysts recently predicted that U.S. spot Bitcoin exchange-traded products (ETPs) may exceed $250 billion in assets under management by 2025, indicating strong institutional investment.
Notably, a Bitget survey conducted between July 2022 and January 2023 found that 46% of millennials own cryptocurrencies, compared to 25% of Gen X, 21% of Gen Z, and 8% of baby boomers. The survey included nearly 459,000 participants from 26 countries and revealed that millennials, who are more familiar with digital technologies, show the most significant interest in cryptocurrencies as an attractive investment option. The findings highlight a higher adoption rate among this generation, which is building investment portfolios and viewing cryptocurrencies as potential high-return assets.
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