Gen Z is all in on crypto – Gemini’s State of Crypto report 2024

The most recent State of Crypto report by Gemini shows that Gen Z leads all age groups in cryptocurrency involvement and optimism. The research showed that young adults between 18 and 29 years old were more involved in digital assets than other generations.

Between May and July 2024, Data Driven Consulting Group gathered responses from 6,000 adults in five countries, including the U.S., UK, France, Singapore, and Turkey. The study employed people who hold cryptocurrency, along with those with no experience with digital asset investment.

More young investors are big on crypto  

According to the study’s findings, “Globally, more than half, 51%, of Gen Z respondents reported that they currently own cryptocurrency or have owned it in the past,” compared to only 35% across the general population. 

In the United States, this age group demonstrates a 51% ownership rate of crypto assets, which exceeds millennials’ 49% and Gen X’s participation at 29%.

The increase in cryptocurrency investment is becoming apparent across nations. In the UK, young adults have a 53% crypto ownership rate, while the broader population is down at 32%. Singapore has 50% of its young population owning digital assets, and France has 47% of its Gen Z crypto holders against its overall population percentage of 31%.

Research reveals that “While older generations show notable engagement, Gen Z’s ownership rate signals a deeper integration of digital assets into their investment portfolios, which is likely to continue amid  the current bull market.” 

Moreover, it says, “In the U.S., one in three, 33%, Gen Z respondents said they would be comfortable allocating at least 5% of their portfolio to cryptocurrency.” This represents a higher percentage than the 21% reported for the wider population.

Gen Z prefers less government intervention and regulation

While Gen Z shows strong enthusiasm for digital assets, it remains observant about regulatory matters. In a global question about more government regulation of digital assets, 31% of Gen Z respondents endorsed strong regulatory measures compared to 46% of the general population.

These survey findings point toward increased industry confidence in self-regulation. The report said “As the generation who will shape the future of crypto regulation, this trend is a positive signal for the space.”

Inflation remains an important worry for Gen Z. Numerous young investors view cryptocurrency as a shield against increasing financial expenses for their savings. 42% of Gen Z crypto owners living in the UK use digital assets as an inflation hedge, “compared to nearly one in three, 32%, across all crypto owners in the UK”.