9% of 16-Year Old Americans, Mainly Male, have Traded Cryptocurrency: Survey Reveals
9% of teens claim to have traded cryptocurrency, reveals the latest survey by Piper Sandler.
The Generation Z survey of more than 7,000 U.S. teens with an average age of 16.1 years further revealed that a good majority of these crypto traders, 81% are male.
The survey didn’t share any other insight into which cryptos were favored among the teens or if they are still holding it or just buying and selling.
It is somewhat possible that these teens might be partaking in the burgeoning sector DeFi given that centralized cryptocurrency exchanges follow strict KYC measures. As we have seen in the crypto, especially the decentralized finance sector, the younger generation is taking the reins and has also been involved in the building process.
Out of these teens surveyed, 33% of them hold a part-time job, the same as in the fall of 2020, with parents contributing 61% in the spending. However, “self-reported” spending improved 1% to $2,165.
Food accounts for the number one priority of teens at 23% share of their wallet. In the aftermath of the pandemic, 46% of teens believe the economy is getting worse, while 25% believe it is getting better.
Cash, however, is the king as the top payment method for teens, unlike the worldwide trend of cashless. Cash is followed by Apple Pay, with Venmo being the most used payment app.
When it comes to favorite social media platforms, Snapchat is a favorite among the teens with 31% share followed by TikTok (30%) and Instagram (24%, down 700 bps Y/Y).
As we saw in the past few months, TikTok was also popular among newbie crypto investors, with people shilling cryptocurrencies, especially Dogecoin (DOGE) on the platform, sending its prices closer to $1.
With more and more crypto companies now investing in growth marketing, FTX sealing the deal with Miami Heat and Coinbase planning for sales and marketing to be between 12% and 15% of net revenue in 2021, these insights and social media platforms may help crypto firms bring in the masses and targeting the younger generation to the industry.