Crypto has been the talk of the town for years now and seemingly everyone has a little slice of that virtual pie.
While many would think investing in digital assets is reserved for those with significant experience or disposable income, crypto has become widely popular with Gen Z.
A new study has lifted the lid on these young investors to see why they are putting their hard-earned cash into an asset class that is known for being pretty volatile.
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Finder's deep dive into all the audience statistics around crypto investors discovered a whopping 32 per cent of people classed as Gen Z (those born in the mid-to-late 1990s to the early '00s) have bought at least one type of cryptoasset.
That figure has doubled since January and it proves the lure of virtual money is becoming even more enticing for young people.
Comparatively, older generations aren't even close to being as engaged with crypto as Gen Z, with the number of millennials and Gen X owning a digital coin actually declining between 2 to 9 per cent.
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Finder revealed that more than one third of Australians (35 per cent) believe Bitcoin will eventually be transacted more widely than fiat currency.
Their research added: "Among Gen Z, that figure grows to 52 per cent. While the data shows many Australians are on the fence about Bitcoin, there's no doubt many believe it is inevitably the future of currency.
"Meanwhile, among a Finder panel of experts, more than half (54 per cent) anticipate Bitcoin will replace fiat currency and become the dominant form of global finance by 2050."
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The market has been shaky during 2021; with the price of many digital coins reaching record peaks, only for them to come plummeting down during soul-crushing crashes.
There's no denying crypto is volatile, however El Salvador has become the first country in the world to include Bitcoin as legal tender.
The government has bought USD$25.5 million worth of the digital currency in the hope that it will pay massive dividends later on.
Finder concluded that Gen Z are the most invested generation when it comes to crypto as 28 per cent of them have already signed up to an investment platform and 24 per cent more are planning to do so.
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Clearly, young people across the world are keen to jump on the bandwagon before the likes of Bitcoin, Ripple and Etherum become legal tender in their countries.
You can't blame them.
Featured Image Credit: Alamy