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Previous studies have revealed that crypto adoption has risen since the onset of the coronavirus pandemic as more people opted for online shopping and use cashless payment options. But what’s surprising in a recent survey is that those belonging to older age groups, who were shown in previous surveys to be hesitant in using cryptocurrency, are now slowly catching up to their younger counterparts in terms of digital currency usage.
Digital payment platform Wirex released a report on January 21, 2021, on the topic of cryptocurrency adoption, Cointelegraph reported. In the study done in collaboration with the Stellar Development Foundation, 3,834 respondents across 89 countries were surveyed to uncover the latest trends on the adoption of blockchain-powered crypto payments worldwide.
While previous studies pointed out that there seems to be greater reluctance by the older generation when it comes to using cryptocurrency, Wirex’s study suggests that it is no longer the case. The study noted that “30.2% of 45-54-year-olds were using crypto.”
“There are concerns that adopting a new technology becomes more difficult as people age, but it doesn’t seem the case for blockchain,” the report said. “There’s clearly an appetite for the benefits of blockchain technology across all age groups.”
Cryptocurrency is now gaining a foothold in the global remittance industry. “Our survey revealed that many consumers believe that cryptocurrency and digital assets are a viable alternative monetary system,” the study noted. The report added that 86.1% of respondents feel safe using cryptocurrency” when asked if they view crypto as an alternative to traditional money transfer services.
However, critics still highlight the volatility of the prices of cryptocurrencies, which could potentially hinder their use in cross-border payments. Some have put forth the usage of stablecoins, cryptos that are backed by more stable assets such as gold or the U.S. dollar, for money transfers to solve the issue of price instability.
Unfortunately, not a lot of people are knowledgeable about stablecoins. The study showed that “83.6% of all respondents have heard of cryptocurrency, but only 25.4% have heard of stablecoins.”
The study said that crypto adoption is increasing regardless of age group. “Encouragingly – and not a little surprisingly – nearly 60% of all participants were aged 45 or older,” Wirex’s study concluded. “This contradicts popular opinion of digital assets and currencies as a solely ‘millennial’ pursuit, and suggests that older generations recognize genuine potential in the industry and asset class.”
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