What A Bitcoin User Looks Like In 2021: Demographics Of The Crypto Industry Are Changing

what bitcoin users look like changing demographics cryptocurrency users

Long associated with high-class businessmen and only the most tech savvy professional, the crypto industry is finally being approached by the rest of the world. Bitcoin and other top cryptocurrencies, even the lowly Dogecoin are becoming mainstream and grabbing headlines around the world.

Take a peek at the historical description of a crypto investor, and you’re bound to see some confusing data and trends when it comes to changing demographic over the years prior to 2021.

Crypto Is Not Just A Millennial Game Any More

What is important to remember– not just for this article, but seemingly all news that has generational ties– is that most Millennials are either well into their 30’s or rapidly turning that corner, with Gen Z taking up the majority of early-to-mid 20’s real estate. And extra uncomfortable to think about, most Gen Xers are staring straight into the face of their 50’s, if not already well-situated. So to say that most crypto investors are millennials isn’t technically wrong, but it’s also not what most people think. 

This also coincides with the average age of any investor, which seems to be sitting just around 33-year-old. Which means where we used to picture a carefree 20-something year old, with a saggy beanie and sense of fashion that appeared to be fighting the a forgotten age for trademark rights; reality says that these are your average business-lunching, mid-level, suit-and-tie, family guys. Which, yes, that stereotype still rings true, as most crypto investors are male, mid-thirties, and fairly well-off. 

While that may be the general look of who is seriously investing, the position of new users and novice investors are quickly being filled by people in their 20’s with a massive up-tick in adoption by Gen Z within the last two years. With platforms like Bitvavo helping to give anyone interested a leg up in the often-confusing world of BTC and crypto– even if there hasn’t been a huge amount of change in adoption seen in other age ranges. 

Financial Disruption And Great ROI 

During its nascent years, bitcoin was largely adopted by only the most tech-savvy of all individuals and righteously libertarian, being quickly passed over by investors and the general public alike. However, as a massive boom was seen in 2017, many people– of all ages and genders– jumped aboard the crypto train not because it presented a disruptive future for currency, helping global economies to wean themselves off of their centralized dependency, but because of the spectacular returns that initial investors were seeing. During 2018-19, the crypto community was largely quieted and humbled by a crippling bust seen in the first year. Many people lost faith in what cryptocurrencies and blockchain technologies had to offer, instead engaging with the currency as a wildly speculative venture. 

Eventually, these sentiments softened into bitcoin offering serious traders a chance to pad portfolios as alternative to other safe-haven assets like gold. But come the economic crash of early 2020, fueled by pandemic shutdowns, Bitcoin and other cryptos were seen to bounce back– showing a greater vitality than many traditional markets. Now the price of Bitcoin and many other cryptocurrencies, even the once silly DOGE, are all at records highs in 2021.

These digital wonders also helped to fill the gaps left by coin shortages, worldwide inflation, and swift gravitation away from fiat. Allowing people all over the globe to have access to familiar financial structures, while protecting existing assets against extreme fees and hyperinflation spurred by the centralized banking authorities’ reactions to the pandemic. Once again helping the value of crypto to shoot up, and the sentiment behind the tokens to change. 

Cryptocurrency Is All Grown Up 

While age range has changed, as well as our motivation behind investment, some polls even suggest that our overall enthusiasm for the future of crypto and blockchain has changed for the better as well. With up to 38% of participants believing that crypto would outlast the Euro. Moreover, 58% of those that responded who felt that crypto could easily exist beyond one of the most powerful currencies on earth, were between the ages of 18–34. 

Another supreme takeaway from this year's surveys is that nearly 90% of the public knows what Bitcoin is, and 45% believe that it’s more than just a solid investment, but a positive change to financial technology as we know it. Cryptocurrency is finally starting to reach maturation as a market and mainstream acceptance.

Crypto Conclusion

So, as we continue adopting, innovating, and investing– crypto continues to show that it’s not just one archetype that is interested. But a multigenerational movement that could continue on to become one of the most influential financial markets of our lifetime. And not only because we’re making gains in our personal wallets, but also because we’re making gain toward the future of our global economy.

New Frugal Finance Blog Posts & Articles