With nearly 370,000 new crypto accounts opened in Q2 of 2022, Millennials are rising in the crypto space, according to a report by investing platform Apex Fintech Solutions (Apex).
Apex data showed millennial investors continued to be bullish, especially in the flagship Bitcoin (BTC) and Ethereum (ETH) cryptocurrencies. Per the report:
“Broken down by generation, millennials represented 54% of crypto-enabled accounts, with Gen Z and Gen X each accounting for 21%. Baby boomers held just 4% of crypto-enabled accounts as of June 30, 2022.”
The Apex Next Investor Outlook report pointed out that millennials’ faith in flagship cryptocurrencies was not dented despite a tumultuous quarter in the crypto market.
“Bitcoin saw its price versus the U.S. dollar slump more than 50% in Q2 2022, but that apparently wasn’t a deterrent to investors, as approximately 1,050 accounts opened a position in Bitcoin each day throughout the quarter. Millennials showed particular interest in Bitcoin, accounting for about half of the 591,000 accounts that hold the cryptocurrency.”
Millennials also take nearly 50% of the crypto accounts by holding Ethereum.
Nevertheless, Generation Z (Gen Z) was not overly optimistic because they believed a crypto winter was coming. As a result, they veered away from crypto stocks, with their primary investments being traditional stocks throughout Q2.
Millennials represent the population of people born between 1981 and 1996 (ages 26 to 41 in 2022), whereas anyone born from 1997 onward is part of Gen Z.
Traits often associated with millennials include being tech-savvy, ambitious, confident, and achievement-oriented. As a result, they have heeded the call of Bitcoin being an exceptional technological advancement and investment tool.
The correlation between BTC and millennials has been robust to the extent that Cory Bernardi, a former senator for South Australia, disclosed that he had joined the Bitcoin network because it was the millennial’s version of gold.
Image source: Shutterstock