What are the trends in cryptocurrency adoption around the world?

By Puja Sharma

Whilst the adoption of cryptocurrencies is higher among Gen Zs and millennials, looking at YouGov Profiles data provides a deeper insight into the psyche of cryptocurrency users by exploring their financial attitudes.

The research by YouGov investigates consumer sentiment toward a cashless society and how the concept of money has evolved, with a focus on the appetite for cryptocurrency adoption both now and in the future.

Although nowhere near the involvement levels that consumers have with mainstream banking and finance services, the adoption of cryptocurrencies is booming across the world. Whilst many consumers are parking their money in cryptocurrencies as investments options, the use of cryptocurrencies is growing to include retail, in-game, and peer-to-peer payments. In stark contrast to traditional investment instruments, cryptocurrencies are highly volatile and considered risky business.

Nonetheless, consumer interest in cryptocurrencies is continuing to grow. As early adopters increasingly invest in and use cryptocurrencies, the data shows that engagement with digital currencies skews towards emerging markets with younger populations. Our research reveals that in the past three months, across the 18 markets surveyed, Indonesians owned/held, bought, or paid with cryptocurrency the most (17%), followed closely by India (16%), and UAE (15%), and Singapore (13%).

In line with the high adoption seen in markets with young populations, younger consumers are driving cryptocurrency growth globally as well. Whilst consumers from the 18-24 and 25-34 age group had the highest involvement with cryptocurrencies.

Only a minuscule 3% of those aged 55+ had used or invested in digital currencies. Whilst the adoption of cryptocurrencies is higher among Gen Zs and millennials, the data provides a deeper insight into the psyche of cryptocurrency users by exploring their financial attitudes.

Whilst the adoption of cryptocurrencies is higher among Gen Zs and millennials, looking at YouGov Profiles data provides a deeper insight into the psyche of cryptocurrency users by exploring their financial attitudes. Combining YouGov Custom Research and Profiles data in Singapore, we can see that they have bigger risk-taking appetites, and are more likely to embrace tech-led innovations and look for profitable ways to invest their money compared to the Singapore adult population.

In addition, looking at cryptocurrency users by income, they are more likely to be higher earners with almost double the amount who have owned/bought or paid with cryptocurrency falling in the higher income bracket (30%) compared to 17% of Singaporean adults. Given they are more likely to be younger, higher earners, they have a longer time horizon before retirement so they can better absorb potential losses for more risky “new” investments than older, more digitally adverse consumers.

Key takeaways

• The adoption of cryptocurrencies is booming across the world.
• Whilst many consumers are parking their money in cryptocurrencies as investments options, the use of cryptocurrencies is growing to include retail, in-game, and peer-to-peer payments.
• Data shows that engagement with digital currencies skews towards emerging markets with younger populations.
• tech-led innovations and look for profitable ways to invest their money compared to the Singapore adult population.
• Higher earners with almost double the amount who have owned/bought or paid with cryptocurrency fall in the higher income bracket compared to adults.