See More

British Millennial Males Are Biggest Crypto Adopters, Says New Dynata Report

2 mins
Updated by Andrew Rossow
Join our Trading Community on Telegram

In Brief

  • British male millennials dominate crypto adoption in the UK, according to a new Dynata survey.
  • Over a fifth of UK male millennials have invested in or purchased some form of crypto.
  • There is also an increased demand in receiving salaries in cryptocurrency.
  • promo

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.

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.

What do you think about this subject? Write to us and tell us!

Top crypto platforms in the US | February 2024

Trusted

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

David-Thomas.jpg
David Thomas
David Thomas graduated from the University of Kwa-Zulu Natal in Durban, South Africa, with an Honors degree in electronic engineering. He worked as an engineer for eight years, developing software for industrial processes at South African automation specialist Autotronix (Pty) Ltd., mining control systems for AngloGold Ashanti, and consumer products at Inhep Digital Security, a domestic security company wholly owned by Swedish conglomerate Assa Abloy. He has experience writing software in C,...
READ FULL BIO
Sponsored
Sponsored