The reasons behind these changing tides were not immediately apparent, however.
People in their 20s and 30s now appear to make up the majority of crypto traders worldwide. This represents a shift away from previous numbers, which indicated not so long ago that people in their 30s and 40s made up Blockchain’s main demographic.
According to a Sept. 7 report from BitFlyer, the biggest crypto exchange in Japan by trading volume, the ratio of its users in their 20s doubled in the EU, Japan, and the United States compared to data from 2018.
In the U.S., BitFlyer traders in their 20s made up 14% of all users who signed up for the exchange in the first half of 2018. However, this ratio increased to 32% in Q1 and Q2 of 2020 based on a survey completed by 539 users between Aug. 7-24.
BitFlyer’s data for the EU and Japan showed similar trends, with the ratio of crypto traders in their 20s jumping from 14% to 32% and 18% to 36%, respectively, in just two years. The same survey showed that about 60% of crypto users preferred Bitcoin (BTC) for trading, followed by Ethereum (ETH) at 12%, and XRP at 9%.
Despite the stereotype that some traders can be reckless and are only looking to crypto for short-term gains, the majority of those surveyed had long-term results in mind. 48.7% of BitFlyer users said they got into crypto for “good future prospects,” and 29.2% stated they wanted to invest for “prospects of future use.”
Figures in traditional financial institutions are starting to recognize these trends. Cointelegraph reported on Sept. 8 that a representative from investment firm Morgan Stanley said that the young and adventurous usually go for crypto, while older investors stick to gold.