Bitpanda Crypto Survey: Gen Z and Millennials Dominate the Crypto Market in Europe

A new, representative YouGov survey commissioned by Bitpanda, Europe’s leading crypto broker, highlights the growing popularity of cryptocurrencies in Europe. The survey was conducted in five European countries – Switzerland, Austria, France, Germany and Italy.

Switzerland leads the way in crypto ownership

Switzerland plays a pioneering role in crypto adoption. Almost a quarter (23%) of the total population already owns cryptocurrencies. Austria follows with 18%, while France has 14% and Germany 11%. Italy ranks lowest in Europe, with just 9% of its population owning cryptocurrencies.

Millennials and Gen Z dominate the crypto market in all five countries

Young people in particular show a strong interest in cryptocurrencies. In the five countries analysed, an average of 24% of Millennials (28-43 years) and 19% of Generation Z (18-27 years) own crypto. Across all five countries, these younger generations are driving the market, a trend which the country-specific data confirms:

• Switzerland: 32% of Millennials and 29% of Gen Z own crypto.
• Austria: 28% of Millennials and 21% of Gen Z own crypto.
• France: 23% of Millennials and 22% of Gen Z own crypto.
• Germany: 22% of Millennials and 12% of Gen Z own crypto.
• Italy: 16% of Millennials and 13% of Gen Z own crypto.

29% plan to invest in cryptocurrencies within the next year, 46% of younger generations are convinced Bitcoin’s value will increase

The YouGov survey also shows that the proportion of young people (Gen Z, Millennials) who plan to invest in crypto in the future is even higher than the proportion of those who have already bought crypto. Almost one in three people under the age of 43 plan to invest in cryptocurrencies in the next 12 months.

This optimism is also reflected in their expectations regarding the price of Bitcoin. Regardless of whether they have already invested or not, 46% of the younger generations are firmly convinced that Bitcoin will increase in value over the next 12 months.

Eric Demuth, Co-founder and CEO of Bitpanda comments on the developments: ‘The future of finance is in the hands of the younger generation. The results of this study show that cryptocurrencies are becoming increasingly popular in Europe, especially among Millennials and Generation Z. These young people continue to drive the adoption of cryptocurrencies. At Bitpanda, we are proud to support this development and offer our customers the opportunity to invest in cryptocurrencies easily and securely.’

Gender differences: men still invest significantly more often in all countries surveyed

The survey shows significant differences between men and women in terms of cryptocurrency investment behaviour. Men invest more frequently across all asset classes than women:

• Individual shares: 28% of men vs. 13% of women
• Cryptocurrencies: 21% of men vs. 8% of women
• Precious metals: 20% of men vs. 10% of women
• ETFs: 20% of men vs. 8% of women
• Commodities: 9% of men vs. 3% of women

Additionally, 47% of the women said they didn’t plan to invest couldn’t imagine investing in any asset class in the future. In the case of men, it was just 27%.

Key reasons for investing in crypto: high returns, independence, and anonymity

The main motives for investing in cryptocurrencies across all countries were high potential returns (24%), independence from traditional financial institutions (22%) and anonymity in transactions (21%). In order to strengthen trust in cryptocurrencies, respondents would like to see more government regulation and more comprehensive information and education about cryptocurrencies (19% in each case). Other frequently cited factors were better security measures (18%) and more stability in the crypto market (17%).