Called “digital natives”, young people between the ages of 13 and 24 today, who make up Generation Z, show 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 adults buy or have already bought digital coins. However, half of respondents do not believe they are as reliable as traditional money.
Brazil has been demonstrating 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 that most use currencies and digital assets in the world, with almost 3 million users, according to data from the platform crypto.com.
According to Yubo CEO Sacha Lazimi, young people are increasingly aware of the value of money and open to its new ways. “Their taste for innovation and ease of interaction online 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 this into their daily life,” he said in a press release.
His conclusion is based on recent research carried out by Yubo. The platform randomly asked 1269 young Brazilians aged 13 to 24 between August 7th and 8th. The study highlights that there are at least five reasons that Generation Z is trading cryptocurrencies and putting their money in digital assets: long-term investment, currency substitution, reliability, future expectations, and everyday use.
Cryptocurrencies are seen primarily as an investment
Yubo found that, of the more than a thousand young people questioned, 35% of them have already bought or bought cryptocurrencies at some point. Of this percentage, 25% buy them with the expectation of profiting a lot as they increase in value, while 12% see technology as an easier form of investment and 10% got carried away and acquired some digital currency because it was “in fashion”. Half of respondents said they already knew the crypto universe and 25% of them have bitcoin (BTC), ether (ETH) or hathor (HTR).
Young people believe that cryptocurrency is “the currency of the future”
The findings also include the expectations that these young people have about the evolution of this technology. 45% of respondents believe that cryptocurrencies will replace traditional money at some point. Furthermore, half of them also understand that a digital currency is as trustworthy as a fiduciary one. The biggest consensus is that they are the future of the economy, as indicated by 75% of respondents.
26% of the Brazilian Generation Z see practical and everyday use
Another interesting look that Generation Z has on digital forms of money is its practical, everyday use. 35% of respondents said they would like to receive salaries in cryptocurrencies, while 38% still prefer traditional currencies. But most interesting is that a considerable percentage of survey respondents already use digital currencies for transactions and payments.
Of the percentage of young people who have some type of cryptocurrency, 11% said they have already bought games, movies and apps with them, 3% use them for subscriptions, 2% pay for school fees, 1% pay for cloud services and another 1% by products such as home appliances and electronics. Finally, 8% said they use them for other purposes.