Crypto Adoption 43% Faster Than Phones: BlackRock Report

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Crypto Adoption 43% Faster Than Phones, 20% Internet: BlackRock

BlackRock’s recent research reveals that cryptocurrency adoption outpaces mobile phones and the internet. It took those technologies 25 years to reach 300 million users.

Cryptocurrency, however, achieved this in just 12 years. This is 43% faster than mobile phones and 20% faster than the internet. Mobile phones took 21 years to reach 300 million users, while the internet did it in 15 years.

The investment giant explained this as being due to factors such as demography, macroeconomic environments, and technologies. The report also focused on the segment of the so-called “digital natives,” who are more interested in cryptocurrencies than representatives of older age categories.

Overall, the stated trend is more apparent among Gen Z and Millennials. Another study by Empower on the Financial Service industry in America revealed that 34% of Gen Zs preferred cryptocurrencies to physical cash more than any other generation. Back this up were insights from another financial platform, Stilt pointed out that there was an indication that 94% of crypto buyers were those under 40 years old.

BlackRock Highlights Younger Generations’ Role in Crypto Adoption

Gen Z greatly trumps Gen X by 3.5 times, Baby Boomers by 14.3 times, Millennials are 15.5 times more likely to outbuy Gen X, and a whopping 62.9 times more likely to outbuy Boomers. According to the study, such dominance emphasizes the cultural shift in cryptocurrency adoption.

Changes in fears such as inflation, geopolitical environments, and the shifting trend to fully digitized banking systems have also influenced the uptake of cryptocurrency. It is important to shed light on Bitcoin (BTC), which has been called the ‘digital gold’ and has seen massive adoption as a hedge against the traditional economy, not to mention the increasing number of users internationally.

Donald Trump’s new presidency starts in January. Recently, he was named Time’s 2024 Person of the Year. The Washington Post reports that he might sign cryptocurrency executive orders on his first day and endorse the industry.

https://twitter.com/BitcoinMagazine/status/1878908292728332520?ref_src=twsrc%5Etfw

On the regulatory end, crypto advocates had a partial win as Coinbase emerged victorious against the U.S. Securities and Exchange Commission (SEC) on the 14th of January. It also dismissed the SEC’s denial of Coinbase’s 2022 request for guidance on clearer rules for cryptocurrencies as “fraught with arbitrariness and caprice” and directed the agency to explain why. This decision may mark a potential liberalization of the standards that have been set for use; the door may thus be opened wide for the public to make increased use of it.

https://twitter.com/iampaulgrewal/status/1878860619895685283

Cryptocurrency popularity is also expected to attract even greater interest from institutions. Galaxy Digital researchers say the U.S. spot ETP may onboard over $250 billion in assets by 2025 to reflect the growing institutional interest.

Despite acknowledging that there may be short-term hiccups in development, BlackRock analysts are sure that institutional investment, improvement in the regulatory landscape, and demographic trends will usher the industry into its salad days. Thus, leaving further barriers to entry, cryptocurrencies will take their rightful place in the international financial system, maintaining an aggressive pace of introduction.

Cryptocurrency on-shoring has not only confounded the skeptics but has also redone the conventional model of technological evolution. It is a well-documented fact that the younger generation is spearheading this revolution, further bolstered by the macroeconomic environment and nascent regulation. Most importantly, it has only begun. If the past is the pointer of the future, then the next decade shall make these cryptocurrencies the foundation of the global economy.

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