According to a survey conducted by Business Insider, July 5, 2019, the majority of Generation Zers, the demographic cohort after the Millennials, is not very interested in purchasing cryptocurrency anytime soon.
Generation Z snubs Cryptos
Being born at a certain point in history can decisively influence one’s own way of thinking, acting, or communicating. Naturally, these are generalizations which must be taken with a pinch of salt and nuance, but they do help to build descriptive models from which groups and individuals can be observed.
For example, Generation Z (also known as iGen or Plurals) identifies people generally born between 1995 and 2010 and that grew up with the Internet. Members of this class are considered accustomed to the use of technology and social media, which make up a significant part of their socialization process. Many daily actions of these young people go through a mobile app: messages, video calls, photos, food delivery, book a trip, payments and so on.
This generation, therefore, possesses the characteristics that should make it perfect for a tool like cryptocurrencies to blossom. But that is not entirely the case.
The survey was launched in January 2019 and collected information from 1,884 Americans between 13 and 21 years old to learn how Generation Z views the world, including how it thinks about time and money on the internet as well as in the physical world.
When asked how likely they were to purchase cryptocurrency in the next six months, 53 percent of respondents said they were not interested at all, while 17 percent replied that they were not so likely.
[Source: Business Insider]
Perhaps due to the survey being conducted in January 2019, interest in cryptocurrencies such as Bitcoin and Ethereum was significantly lower due to the 2018 bear market and prices much lower than their 2017 highs, which may have impacted these results.
However, in the first half of 2019 things took a decidedly positive turn. Bitcoin has more than tripled its value since January and more recently, on June 18, Facebook officially confirmed the launch of its cryptocurrency, Libra, attracting the attention of world media and the mainstream.
At present, Generation Z members’ position could easily change, pushing all the people who said they were somewhat likely to purchase cryptocurrency on the side of very likely, or extremely likely.
Surveys, however, are always to be taken lightly as they rarely if ever represent the whole picture. Also, the survey seems to be at odds with a recent study by Moscow based cybersecurity firm Kaspersky which revealed that 19 percent of people globally have purchased cryptocurrency.