Millennials vs GenZ — Data on Blockchain Adoption

The cryptocurrency and the blockchain industry have come a long way since the inception of Bitcoin in 2009. So, has the number of crypto holders and people who use blockchain-based apps, products, and services. 

A December 2020 survey conducted by one of the world’s largest independent financial advisory and fintech organizations revealed that around 67% of Millennials (individuals born between 1980 and 1996) prefer investing in bitcoin and blockchain-based assets over gold. 

Baby boomers and the GenX generation have not stayed behind either. Contrary to their anachronistic & skeptical attitude, a significant chunk of people belonging to the said age groups is already considering holding positions in bitcoin or dabbling in blockchain apps and products. 

Commenting on the survey findings, deVere Group CEO and founder Nigel Green stated: 

“Millennials are to become an increasingly important market participant in the coming years, with the largest-ever generational transfer of wealth — predicted to be more than $60 trillion — from baby boomers to millennials taking place. 

In-line with the findings that show that millennials have a preference for bitcoin over gold, the cryptocurrency is set up for growing prominence as a serious safe-haven asset class.”

Bitcoin/Blockchain Adoption in the United States

Going by the current cryptocurrency market scenario, institutional and corporate investment moves in the United States have significantly impacted bitcoin’s price in the last few months. So it makes sense to look at the depth of cryptocurrency investment and blockchain app usage adoption in the US. 

Last fall, Blockchain Capital and The Harris Poll surveyed 2000 US adults to gauge the same, and the results were quite interesting, especially compared to the numbers from 2019 and 2017. 

The propensity to Purchase Bitcoin in the US, Source: Blockchain Capital Survey

Results showed that younger people are far more desirous of holding investment positions in bitcoin. To be specific, 55% of respondents in the age group of  18–34 showed an inclination to purchase bitcoin in the next five years — compared to 26% of those aged 35 and above.

It becomes clear that millennials in the US are indeed the demographic segment that’s actively interested in a future defined by crypto assets and blockchain technology (products, apps, and services). 

When it comes to crypto ownership, 24% of the participants responded affirmatively. This is an 8 point increase from 16% in 2019. 

Crypto adoption in the US, Source: Blockchain Capital Survey

At 14%, bitcoin owners formed the majority, including 8% who said they own bitcoin cash. 6% said to have invested in BNB, and 5% claimed to own ETH.

The “propensity to buy bitcoin figures” quite clearly suggest that Millennials (20 — 35) are the ones who have actively tinkered with some instance of blockchain technology, either in the form of tokens, apps, products, or services. 

But has it become ANY simpler to use blockchain and decentralized apps? Unfortunately no.  

Blockchain Usage Has Remained Low Despite Bitcoin’s Inception 12 Years Ago  

It has been 12 years since Bitcoin introduced blockchain to the world. But the novel technology appears complex (with a steep learning curve) to potential users. The sporadic and volatile nature of the cryptocurrency market combined with the awful number of scams has conjured up negative imagery — many people have chosen to stay away entirely.

This has hindered blockchain adoption quite seriously. Still, we believe that individuals belonging to all age groups should interact with cryptocurrency and decentralized protocols without breaking a sweat. 

AIKON’s ORE ID Is Simplifying Blockchain Usage for Folks of All Age Groups

Through our universal authentication and authorization platform, ORE ID that utilizes social logins for blockchain identity verification, people can directly use their preferred social profiles (Facebook, Github, Twitter, LinkedIn, etc.) to access a plethora of dApps on Ethereum, Algorand, EOS, Wax and other platforms. 

Log-in options include email and SMS as well, and the best part about this seamlessness of accessing dApps is that users wouldn’t even come to know that they are interacting with a blockchain application. 

ORE ID eliminates the need to grok the details about the underlying technologies, irrespective of their age. As and how we register milestones in making dApp usage simple for everyone, we will keep adding support for more blockchain platforms.

Also, blockchain app development companies or companies looking to integrate blockchain into their business can utilize the same process to onboard new persons. We at AIKON have ensured that interaction with blockchain technology is not complicated. Our team has tested and incorporated the best security practices and left no stone unturned in protecting the online community’s digital identities. 

With ORE ID, companies can easily create, test, and finally deploy blockchain-based apps and let people access them through a smooth and easy-to-use interface.

Contact us today and join other forward-facing companies in welcoming the future together with AIKON!

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About AIKON

AIKON, a San Francisco-based VC-backed firm, was founded in 2017 to enable the digital asset economy and empower users from all over the globe by securing their personal information via blockchain. 

AIKON has developed the Open Rights Exchange (ORE) protocols to manage access to digital rights and access and has been enabling mainstream blockchain adoption with its ORE ID secure identity service and ORE Vault — shared wallet for teams. With its solutions, AIKON aims to foster a new era of secure identities that protects users and their data, powered by the blockchain. Follow us on Twitter or connect with us on Telegram!

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