Referred to as “digital natives”, today’s young people between the ages of 13 and 24, who make up Generation Z, show a great interest in cryptocurrencies. According to a new survey by Yubo, a live streaming and video social network aimed at this age group, 35% of Brazilian teenagers and young people buy or have already bought digital coins. However, half of the respondents do not believe they are as reliable as traditional money.
Brazil has demonstrated an increasingly open market to cryptocurrencies in general. Of course, tech-savvy young people are particularly attracted to digital forms of money. Thus, the country already occupies the 16th position among those who use the most currencies and digital assets in the world, with almost 3 million users, according to the data of the platform. crypto.com.
According to the CEO of Yubo Sacha Lazimi, young people are increasingly aware of the value of money and open to its new paths. “Their taste for innovation and ease of online interaction make them very open to cryptocurrencies and virtual currencies. They are very comfortable with this and we can see that usage is evolving and is no longer limited to stock market transactions. They integrate it into their daily life, “he said in a press release.
His conclusion is based on recent research conducted by Yubo. The platform randomly asked 1269 young Brazilians aged 13 to 24 between 7 and 8 August. The study highlights that there are at least five reasons Gen Z trade cryptocurrencies and invest in digital assets: long-term investment, currency replacement, reliability, future expectations, and everyday use.
Cryptocurrencies are viewed primarily as an investment
Yubo found that, of the more than a thousand young people surveyed, 35% of them have already bought or bought cryptocurrencies at some point. Of this percentage, 25% buy them with the expectation of earning a lot as they appreciate, while 12% see technology as a simpler form of investment and 10% got carried away and acquired a digital currency because it was ” fashionable”. Half of the respondents said they already know the cryptocurrency universe and 25% of them have bitcoin (BTC), ether (ETH) or hathor (HTR).
Young people believe cryptocurrency is “the currency of the future”
The results also include the expectations these young people have about the evolution of this technology. 45% of respondents believe that cryptocurrencies will replace traditional money sooner or later. Furthermore, half of them also understand that a digital currency is as reliable as a trust company. The biggest consensus is that they are the future of the economy, as indicated by 75% of respondents.
26% of Brazilian Generation Z see practical, everyday use
Another interesting aspect Gen Z have about digital money forms is its practical, day-to-day use. 35% of respondents said they want to receive cryptocurrency salaries, while 38% still prefer traditional currencies. But what’s more interesting is that a sizeable percentage of respondents already use digital currencies for transactions and payments.
Of the percentage of young people who own some kind of cryptocurrency, 11% said they have already bought games, movies and apps with them, 3% use them for subscriptions, 2% pay school fees, 1% % pays for cloud services and another 1% from products such as home appliances and electronics. Finally, 8% said they use them for other purposes.