Older generations have started recognizing the potential of cryptocurrencies and blockchain in global payment systems, a new survey says.
On Jan. 21, digital payment platform Wirex released a special report devoted to the topic of cryptocurrency adoption in 2021. Compiled in partnership with the Stellar Development Foundation, the report includes survey results from 3,834 people across 89 countries, aiming to understand the latest trends in the global adoption of blockchain-powered digital payments.
The survey was conducted over the course of three weeks, with both Wirex and the SDF sending out emails asking for voluntary participation in a survey related to the use of cross-border transactions. Total responses included 81% European residents and 17% participants from the Asia Pacific region.
As part of the report, Wirex and SDF emphasized that age is “no barrier to adopting blockchain technology,” discovering that there is a sufficient appetite for the benefits of blockchain across all age groups. Nearly 60% of all survey participants were aged 45 or older, with many experimenting with blockchain-powered payments.
According to the survey results, more than 30% of respondents between the ages of 45 and 54 — the largest survey’s age group — were using crypto. The study also found that 26% of women aged from 55 to 64 invested in crypto, compared to 14% of men in the same age group.
Consumers are more likely to consider digital assets as an alternative to traditional money transfer services if they send higher amounts of up to $1,000, the report notes. Additionally, the survey found that 86% of respondents felt safe using cryptocurrency.
Other firms have also noticed a trend of older generations moving into Bitcoin. In June 2020, British crypto trading app Mode reported that Baby Boomers and Generation-X investors increased their monthly crypto investments by a factor of nine amid the COVID-19 pandemic.