Study Shows Millennials and Gen Z Leading the Charge in Digital Asset Investments Across Europe
Amid recent volatility in the stock and crypto markets, a new survey released on August 8 by Bitpanda, Europe’s leading crypto broker, in collaboration with UK-based market research firm YouGov, reveals that young European investors are increasingly optimistic about cryptocurrencies. Despite market fluctuations, the study highlights a significant shift towards digital assets among younger generations in key European countries.
Switzerland Leads in Crypto Adoption
Switzerland has emerged as the leader in cryptocurrency adoption across Europe. The study found that 23% of the Swiss population now owns cryptocurrencies, surpassing traditional investments like exchange-traded funds (ETFs) and precious metals such as gold. While stocks remain the most popular asset class overall, cryptocurrencies have captured the imagination of the Swiss public, especially among younger generations. Millennials (aged 28-43) and Gen Z (aged 18-27) are driving this trend, with 32% and 29% respectively having invested in digital currencies.
Austria Sees Significant Growth in Crypto Ownership
In Austria, nearly one in five residents now own digital assets, with Millennials again leading the charge. According to the survey, 28% of Millennials in Austria have invested in cryptocurrencies, followed by 21% of Gen Z. In contrast, older generations show less interest, with only 8% of Baby Boomers (aged 60-69) owning crypto. Notably, 54% of Austrians under 43 expect Bitcoin’s price to rise within the next 12 months, reflecting widespread optimism about the future of digital currencies.
Rising Enthusiasm in France, Germany, and Italy
France also shows growing enthusiasm for cryptocurrencies, with 14% of respondents already owning digital assets. Younger generations are particularly engaged, with 23% of Millennials and 22% of Gen Z holding crypto. Looking ahead, 32% of French Millennials and 29% of Gen Z plan to invest in cryptocurrencies within the next year.
Germany, though slightly behind in overall adoption, shows a similar trend among younger generations. While only 11% of Germans currently own cryptocurrencies, 22% of Millennials and 12% of Gen Z have invested in digital assets. The survey predicts continued growth, with nearly one-third of Millennials (33%) and one-fifth of Gen Z (18%) planning to enter the crypto market within the next 12 months.
Italy reports the lowest rate of cryptocurrency adoption among the surveyed countries, with just 9% of investors owning digital assets. Interest among Millennials (16%) and Gen Z (13%) is also lower compared to other European nations.
Motivations Behind Crypto Investments: Independence and Anonymity
The study highlights that while the potential for high returns is the primary motivator for crypto investments across all surveyed countries (24%), other factors play a crucial role as well. A desire for independence from traditional financial institutions (22%) and the appeal of anonymous transactions (21%) are significant drivers behind the adoption of cryptocurrencies.
Eric Demuth, co-founder and CEO of Bitpanda, emphasized the generational shift in investment behavior: “Younger generations are embracing new asset classes like cryptocurrencies with open arms, while older generations remain more cautious.” The surge in new Bitpanda users—500,000 in Q2 2024 alone—underscores the growing appetite for digital assets across Europe.
In summary, the Bitpanda and YouGov survey reveals that younger Europeans, particularly Millennials and Gen Z, are leading the way in crypto adoption, driven by a combination of optimism for future returns, a desire for financial independence, and the appeal of privacy in transactions.
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