Gen Z Drives Cryptocurrency Adoption Globally, Gemini Survey Reveals

A recent survey by Gemini has revealed that Gen Z is leading the charge in cryptocurrency adoption, with over half of young adults owning or having owned digital assets. The "State of Crypto" report, conducted between May and July 2024, surveyed 6,000 adults across the U.S., UK, France, Singapore, and Turkey, including both crypto owners and non-owners. This data highlights Gen Z's growing engagement and optimism within the digital asset sector.

Globally, 51% of Gen Z respondents (aged 18-29) reported owning cryptocurrency, significantly higher than the 35% reported by the general population. This trend is consistent across multiple countries. In the U.S., 51% of Gen Z own or have owned crypto, compared to 49% of Millennials and 29% of Gen X. Similar trends are evident in the UK (53% vs. 32%), Singapore (50% vs. 42%), and France (47% vs. 31%).

The report suggests that this high ownership rate indicates a deeper integration of digital assets into Gen Z's investment portfolios, a trend likely to continue, especially given the current bull market. In the U.S., one in three Gen Z respondents (33%) expressed comfort allocating at least 5% of their portfolio to cryptocurrency, compared to just 21% of the general U.S. population.

Interestingly, Gen Z also holds a more optimistic view on cryptocurrency regulation. Globally, 31% of Gen Z strongly agree with the need for increased government regulation, compared to 46% of the general population. This suggests that Gen Z may have greater confidence in the industry's self-governance efforts, even as regulatory frameworks are still developing. As the generation that will ultimately shape the future of crypto regulation, this positive outlook is considered a promising sign for the industry.

Furthermore, the report found that Gen Z is particularly concerned about inflation, often using cryptocurrency as a hedge against the rising cost of goods and services. In the UK, for example, 42% of Gen Z crypto owners use crypto to combat inflation, compared to 32% of all UK crypto owners. This highlights the role of digital assets in addressing economic concerns for this generation.