According to a new poll conducted on behalf of Bitpanda, the top cryptocurrency broker in Europe, Gen Z and Millennials are driving the cryptocurrency adoption trend in Europe.

YouGov's survey examined five European nations: Switzerland, Austria, France, Germany, and Italy. Of these, Switzerland ranked highest, with 23 percent of its citizens possessing digital currency.

Germany and Italy lag with 11% and 9%, respectively, Austria comes in second with 18% and France with 14%.

Crypto: A young person’s game

Younger generations' excitement for cryptocurrencies is highlighted by the study, with Millennials (ages 28–43) and Generation Z (ages 18–27) demonstrating a strong level of interest.

In the nations where the poll was conducted, 24% of Millennials and 19% of Gen Z possess cryptocurrency on average. Following Switzerland are Austria, France, Germany, and Italy, with 32% of Millennials and 29% of Gen Z holding cryptocurrency.

This pattern reflects a more general change in younger Europeans' financial behavior, as they include more digital assets in their investing portfolios.

The CEO and co-founder of Bitpanda, Eric Demuth, asserts that the younger generation will shape the financial industry going forward. According to the study's findings, cryptocurrencies are growing in popularity throughout Europe, particularly among Millennials and Generation Z. These youths are still at the forefront of the cryptocurrency adoption.

Crypto investment is just beginning

Furthermore, according to the poll, about 29% of people under the age of 43 want to invest in cryptocurrencies over the course of the next year, and 46% of these younger generations believe that the value of Bitcoin will increase in the upcoming months.

This hope stems from the increasing perception that cryptocurrencies have the ability to provide substantial profits, offer independence from established financial institutions, and facilitate anonymous transactions.

Since the EU's MiCA Act was announced and spot ETFs for Bitcoin and Ether were approved to trade on US stock exchanges, there has been an increase in trust in the cryptocurrency space.

Does crypto have a gender disparity?

The poll reveals a notable gender gap in cryptocurrency investments, notwithstanding the excitement among younger investors. In all asset classes, including cryptocurrency, where 21% of men and 8% of women have invested, males are more likely to be investors than women.

This disparity also exists for other types of investments, such ETFs, individual shares, and precious metals. In addition, compared to 27% of men, 47% of women said they had no plans to invest in any asset class.

There are several reasons to invest in cryptocurrencies, but the most common ones are anonymity (21%), independence from established financial institutions (22%), and large potential profits (24%).

However, 19% of respondents support both thorough education about cryptocurrency and stronger government control than has previously been implemented. More stability in the cryptocurrency market and improved security measures are also requested by 18% and 17% of respondents, respectively.

"At Bitpanda, we are proud to support this development and offer our customers the opportunity to invest in cryptocurrencies easily and securely," Demuth says, highlighting Bitpanda's dedication to this emerging sector.