Millennials are rising in crypto, with nearly 370,000 newly opened crypto accounts in Q2 2022. according Apex Fintech Solutions (Apex), an investment platform, has published a report.
Apex data indicated that millennial investors remained bullish, especially in the flagship Bitcoin.BTC) and Ethereum (ETH) cryptocurrencies. The following is 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.”
By holding Ethereum, millennials account for nearly half of all crypto accounts.
Generation Z (Gen Z), however, was not too optimistic as they believed that a crypto winter was imminent. Generation Z (Gen Z) decided to move away from crypto stocks. Their primary investments were traditional stocks for Q2.
The Millennial population is defined as those born between 1981-1996 (ages 26-41 in 2022), while Gen Z includes anyone born after 1997.
Traits often associated with millennials include being tech-savvy, ambitious, confident, and achievement-oriented. Because of this, they believe that Bitcoin is an extraordinary technological advancement and investment instrument.
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.