With over 11,000 responses across 11 countries, new data from Dynata revealed that British millennial males are the country’s biggest cryptocurrency adopters.
Conducted this year in conjunction with its global consumer trends report, the Dynata survey revealed over a fifth of UK male millennials have either purchases or invested in some form of cryptocurrency. Thirty-four percent (34%) of Gen-Z males, aged 24 and under, have invested in cryptocurrency, while 26% of Gen-Z females have invested in some digital asset class.
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Why so attractive?
Currently, British men aged 25 to 49 are more active investors in crypto compared to the global average of 46% for that demographic, far outranking crypto investors of all ages and genders. So, what exactly are British men spending their crypto on?
Gift cards. According to the survey, 41% of crypto users have used their crypto purchase a gift card, while 15% of all Brits stating they have purchased “something” with their crypto.
In another survey which broke down crypto ownership by income, 40% of surveyed Britons revealed they have an income of over £200,000, while 18% fall into the £100,000 to £200,000 bracket.
Stronger interest in receiving salaries in crypto
Many of the analysts believe that we will see an even bigger rise in cryptocurrency adoption when options to receive their salary in crypto becomes a reality, rather than just in their country’s native currency. With a strong interest in such possibilities already, 65% of British millennial males said they would be interested in receiving a paycheck in crypto.
Despite slow adoption by retailers, 34% of Chinese workers also expressed an interest to receive their paychecks in crypto, with 37% of U.S. workers following in that sentiment. As for Canada, approximately 32% of workers expressed interest in also receiving their salaries in cryptocurrency.
Indeed, crypto’s volatility has slowed down its adoption rate by retailers, where fiat is still the preferred method of payment for goods and services in the UK and other countries.
With the rise in popularity of NFTs, 71% of Gen-Z, 68% of millennials, and 35% of Gen-X have all shown interest in investing in this new form of digital art, compared to just eight percent of those aged between 56 and 74.
US millennials also contribute to growing popularity
Nearly half of millennials in the U.S. are comfortable owning cryptocurrencies, according to a survey conducted by Bankrate in mid-2021, followed by 37% of Gen-X and 22% of the baby boomer generation.
Four percent of Americans had quit their low-income jobs after netting crypto gains, a Civic Science survey found.
In June 2021, a joint study by CNBC and Spectrum Group revealed that 47 percent of millennials had allocated at least 25% of their wealth portfolio to crypto. Respondents said that making easy trades and having a high growth potential were among the chief reasons for investing.
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