2021 was a big year for crypto globally with bitcoin hitting new highs and NFTs igniting as a new form of digital asset class. But if we look behind the curtain at what consumers really think, what do we see?
In conjunction with its global consumer trends report ‘The New Experience Economy‘, new data from Dynata reveals that over a fifth of Brits have bought or invested in bitcoin or another cryptocurrency.
Over 11,000 responses were collected between 4 and 10 February 2022 across 11 countries.
Thirty-four per cent of gen Z (aged 24 and under) males have bought or invested in bitcoin or another crypto. Figures for women of this demographic sit lower at 26 per cent.
At 65 per cent, British millennial (aged 25 to 39) males are far more prolific crypto investors than the global average of millennial males at 46 per cent, which is far higher than the global average across all generations and genders at 20 per cent.
So what is it that makes crypto so appealing to millennial males around the world?
Many analysts consider that true adoption will be when people choose to get their salary in crypto as opposed to their own country’s currency.
This day might be closer than we think, when considering Dynata’s research revealed that 65 per cent of British millennial males are ‘extremely’ or ‘very interested’ in receiving a paycheck in crypto.
If we look at the demand for crypto wages for all Brits, 28 per cent are ‘extremely’ or ‘very interested’ in this.
With this demand, could 2022 be the year of true adoption?
On a global scale, the figures get even more interesting. Thirty-four per cent of Chinese workers would like to get their pay-packets in crypto, 37 per cent of American workers agree with them, and Canada sits at just under a third with 32 per cent. A huge number of people.
With the adoption by retailers at a slower rate than crypto exchanges, and with the natural volatility that a decentralised currency brings, spending via crypto is naturally slower, and both global and British retailers still prefer fiat currencies.
This is changing rather quickly though. Fifteen per cent of Brits said they have used a cryptocurrency to buy something, and this rises to 38 per cent in millennials; figures that cannot be ignored.
In terms of what Brits are spending their crypto on, the most popular choice is ‘gift cards’ with 41 per cent of crypto users saying that they have bought them.
When it comes to the NFT craze, 71 per cent of gen Z, 68 per cent of millennials and 35 per cent of gen X (aged 26 to 55) are interested in investing in this new digital art-based asset class, compared to just eight per cent of people aged between 56 and 74.
Again, the figures between men and women differ with men in the UK having more interest in investing in NFTs than women.