January 5th, 2022, YouGov
Despite concerns over its environmental impact and its volatility, cryptocurrency – with the help of high-profile fans such as Elon Musk and Melania Trump, as well as celebrity endorsers like Matt Damon – is becoming more mainstream.
But the currents of popular culture are often dictated by the preoccupations of younger people, so it may be worth asking if there’s a generation gap when it comes to cryptocurrency. Looking at the 18-34 and over-35 groups in five different markets reveals that the older segments are most likely to agree that they don’t understand it – with the exception of the UAE, where there’s a more even generational split (48% of 18-34s don’t understand compared to 46% of over 35s).
Regardless of their level of understanding, younger people are significantly more likely to believe cryptocurrency is the future of online transactions in all markets. In the US (42% vs. 24%) and Hong Kong (38% vs. 21%) there is an 18- and 17-point generation gap respectively; in the UAE (47% vs. 41%) it narrows to just six points.
Nevertheless, nearly half of consumers aged 18-34 in the US (48%), Germany (47%), and the UAE (47%) say they distrust cryptocurrencies – and nearly as many say the same in Britain (45%). Among older consumers, over half distrust cryptocurrencies in the US (54%), Germany (60%), Great Britain (58%) and Hong Kong (55%), as well as more than two in five people in the UAE (43%).
Methodology
YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data is nationally representative and weighted by age, gender, education, region, and race. Learn more about Profiles.
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