According to a new study, the older generation is beginning to learn about the potential of cryptocurrency and blockchain in global payment systems.
On January 21, digital payments platform Wirex released a special report on the implementation of cryptocurrency in 2021. The report, produced in partnership with the Stellar Development Foundation, includes the results of a survey of 3,834 people from 89 countries aimed at understanding the latest trends. In the global adoption of blockchain-based digital payments.
The survey was conducted over a three-week period, with Wirex and SDF sending out emails asking them to volunteer for a survey on the use of cross-border transactions. Overall responses were 81% of European citizens and 17% of respondents from the Asia-Pacific region.
As part of the report, Wirex and SDF highlighted that age “is not an obstacle to blockchain technology,” and found that there is ample appetite for the benefits of blockchain across all age groups. Nearly 60% of all respondents were 45 or older, and many have tried blockchain-based payments.
According to the survey results, over 30% of respondents aged 45 to 54 – the age group for the largest survey – used coding. The study also found that 26% of women between the ages of 55 and 64 invested in cryptocurrencies, compared with 14% of men in the same age group.
The report notes that consumers are more likely to view digital assets as an alternative to traditional money transfer services if they send higher amounts of up to $ 1,000. In addition, the survey showed that 86% of respondents felt safe using cryptocurrency.
Other companies have also noted the trend of the older generation to use bitcoin. In June 2020, the UK-based cryptocurrency trading app reported that Gen X investors and baby boomers had increased their monthly cryptocurrency investments ninefold in the midst of the COVID-19 pandemic.