According to a recent survey conducted by Bitpanda in 5 European countries, the crypto markets continue to be dominated primarily by GenZ and Millennials, with Switzerland at the forefront.
The Bitpanda survey: Millennials and GenZ at the forefront of the crypto market
The survey was conducted by YouGov Deutschland between July 2 and July 10, 2024, at the request of Bitpanda.
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More than 6,000 people were interviewed in Germany, France, Switzerland, Austria, and Italy to analyze how attitudes towards criptovalute are changing.
Switzerland ranked first among the five European countries analyzed with 23% of the population owning cryptocurrencies, followed by Austria (18%) and France (14%). Germany is fourth with 11%, and Italy is last among these five with only 9%.
The segment of the population most inclined to invest in cryptocurrencies in all the countries examined turned out to be the Millennials, with an average of 24%, followed by Generation Z with 19%.
We remind you that Millennials refer to people belonging to Generation Y, that is, those who were born between the early eighties and the mid-nineties or the early 2000s, and therefore today are over 28 years old but less than 43.
The GenZ are the people of the next generation, who are between 12 and 27 years old, but the survey interviewed only adults.
Furthermore, the survey revealed that almost one in three people under the age of 43 plans to invest in cryptocurrencies in the next 12 months, and even that 46% of young people believe that the value of Bitcoin will increase in the next 12 months.
The crypto market dominated by Millennial and GenZ: the report by Bitpanda
The main reasons for investing in cryptocurrencies that emerged from the survey are, in all countries, potentially high returns (24%), independence from traditional financial institutions (22%), and anonymity in transactions (21%).
On the crypto markets, men still clearly prevail, investing more significantly and more frequently than women in all asset classes.
In particular, only 8% of the women interviewed stated that they are active in the crypto markets, while for men this percentage rises to 21%.
Note that regarding the precious metals market, such as gold and silver, 10% of women are active, but only 20% of men. In the ETF market, the percentage of active men remains at 20%, while that of women drops to 8%.
The asset class that attracts a larger number of investors is stocks, with 13% of women and 28% of men, while the one that attracts the least is commodities, with only 3% of women and 9% of men.
To this must be added that a full 47% of the women interviewed (almost half) stated that they have no intention of investing, while only 27% of the men stated the same thing.
Regarding the crypto market as a whole, many respondents answered that they would like to see greater government regulation, and more comprehensive information on cryptocurrencies (19% in both cases) to strengthen their confidence in this market. Other frequently cited improvements were those to security measures (18%) and greater stability of the crypto market (17%).
The crypto exchange Bitpanda
Bitpanda is one of the leading crypto brokers in Europe.
The European exchange based in Vienna has existed since 2014, and offers a selection of over 2,800 digital assets, including more than 400 crypto assets and numerous stocks, ETFs, precious metals, and commodities.
It declares to have more than 5 million users and dozens of institutional partners, with licenses in different countries and a proven track record of collaboration with regulatory authorities to keep assets safe and secure.
In addition to the headquarters in Vienna, Bitpanda has offices in Amsterdam, Barcelona, Berlin, and Bucharest.
The comment
The co-founder and CEO of Bitpanda, Eric Demuth, commented saying:
“The future of finance is in the hands of the younger generations. 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. At Bitpanda, we are proud to support this development and to offer our customers the opportunity to invest in cryptocurrencies in a simple and secure way.”