Copy link
Increase text size
Decrease text size
Link copied

Crypto adoption rising even among older age group says survey

A recent study shows that older generations recognize the potential of cryptocurrency and blockchain technology.

Image by WorldSpectrum from Pixabay

Sat, 23 Jan 2021, 09:55 am UTC

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.”

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

  • PUBLISH (NEWS) $0.000570 (-12.88%)
  • Bitcoin (BTC) $26,250.70 (-1.25%)
  • Ethereum (ETH) $1,589.09 (-0.18%)
  • Tether USDt (USDT) $0.999894 (-0.01%)
  • BNB (BNB) $209.95 (-0.33%)
  • XRP (XRP) $0.503207 (-1.13%)
  • PUBLISH (NEWS) $0.000570 (-12.88%)
Jul 15, 2021 (Thursday)
13:30
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.