More than half of Gen Z owns crypto: Gemini

More than half of Gen Z adults currently own or have previously owned cryptocurrency, according to Gemini’s 2024 State of Crypto report.

The survey, conducted across five countries and shared with crypto.news, highlights that younger investors are more actively engaged in digital assets compared to older generations.

The findings suggest that Gen Z’s approach to digital assets could shape the future of investment and regulation.

The report surveyed 6,000 adults in the U.S., U.K., France, Singapore, and Turkey between May and July 2024. Among Gen Z respondents (ages 18-29), 51% said they currently own or have previously owned cryptocurrency. That compares to 35% of the general population, according to Gemini.

Ownership rates were highest in the U.K., where 53% of Gen Z respondents reported holding crypto, compared to 32% of the general population. 

In Singapore, the rate was 50% for Gen Z and 42% across all age groups. In France, it was 47% for Gen Z and 31% overall.

Crypto ownership means buying, holding, or trading digital assets like Bitcoin (BTC) and Ethereum (ETH). Many investors view these assets as an alternative to traditional investments such as stocks or bonds. 

Gen Z’s views on regulation

The survey also examined how Gen Z views cryptocurrency regulation. While 46% of the general population said they strongly support increased government oversight, only 31% of Gen Z respondents shared the same view.

This suggests that younger investors may be more comfortable with the current level of regulation or trust the industry to self-regulate.

Regulation can provide stability to the market and protect investors from fraud.

Why Gen Z invests in crypto

Nearly half of Gen Z respondents (48%) said they invest in cryptocurrency to generate income. Some see it as an opportunity to profit from price fluctuations, similar to stock trading.

Others use it as a hedge against inflation, believing that crypto can help protect their wealth in the event of rising costs.

In the U.K., 42% of Gen Z crypto owners said they use digital assets as a hedge against inflation, compared to 32% of all crypto owners in the country.

In France, 39% of Gen Z respondents said they invest in crypto for profit, compared to 30% of the general population.

Gen Z’s ETF interest 

The rise of exchange-traded funds is making crypto more accessible. ETFs allow investors to gain exposure to crypto without directly holding the asset. 

Instead of buying Bitcoin, for example, investors can buy shares of a Bitcoin ETF, which tracks the price of the cryptocurrency.

The survey found that 48% of Gen Z respondents were more likely to invest in crypto because of ETFs. Across all age groups, that figure was 37%.