Gemini survey finds Gen Z leads crypto adoption, with over half of respondents saying they own digital assets

Gemini's State of Crypto report found that Gen Z adults, aged 18-29, stand out as the generation most engaged with and optimistic about the digital assets sector.

The report was conducted between May and July 2024 by Data Driven Consulting Group, and surveyed 6,000 adults, including crypto owners and non-owners, across the U.S., UK, France, Singapore, and Turkey.

"Globally, more than half, 51%, of Gen Z respondents reported that they currently own cryptocurrency or have owned it in the past, significantly higher than the 35% reported by the general population," the report said.

Expanding on this, the report found that in the U.S., over half of Gen Z respondents owned or had owned cryptocurrency , at 51%, compared to 49% of Millennials, people born 1981-1996, and 29% of Gen X, people born 1965-1980.

The report said that this trend is evident across multiple countries, including the UK, where 53% of Gen Z compared to 32% of the general population own crypto; Singapore, where the figures are 50% and 42%, respectively; and France, where 47% of Gen Z hold crypto versus 31% of the general population.

"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," the report added. "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, compared to 21% of the general U.S. population."

Gen Z is optimistic about regulatory developments

When asked about the need for increased government regulation of the crypto industry, the report revealed that 31% of Gen Z globally said they strongly agree, compared to 46% of the general population.

"While established regulatory frameworks are still being rolled out, this suggests that Gen Z has a more optimistic view of the industry’s efforts to govern crypto," the report said. "As the generation who will shape the future of crypto regulation, this trend is a positive signal for the space."

The report found that Gen Z is also particularly concerned about inflation, using crypto as a way to combat the rising cost of goods and services globally. "In the UK, more than two in five, 42%, of Gen Z crypto owners said they use crypto as a hedge against inflation compared to nearly one in three, 32%, across all crypto owners in the UK," the report said.