A recent survey by Business Insider shows that cryptocurrencies have not yet breached the American Generation Z.
Generation Z is made up of young people born between the mid-1990s and 2010.
According to another report conducted by MNI, this generation will represent about 40% of all consumers by the end of 2020 and currently has a purchasing power of almost 44 billion dollars, a number that grows year by year.
Lack of trust in cryptocurrencies
The report shows that out of 1884 Americans surveyed between the ages of 13 and 21, almost 52% said they were absolutely not interested in buying cryptocurrencies in the next six months.
In the same survey, only 11% of respondents said they were very likely to buy cryptocurrencies in the next 6 months.
It is thought that much of the current negative feelings towards cryptocurrencies could be attributed to the significant drop in bitcoin in early 2018. Many of the ICOs launched in that period were not able to keep many of their promises, while several others turned out to be scams or Ponzi schemes.
However, Facebook’s entry into the cryptocurrency industry could lead to a sharp and rapid turnaround.
According to some research, the probability that Generation Z trusts marketing messages displayed using their favourite mobile apps is around 64%.
On average, they spend many hours online each week. Approx. 4.8 hours of audio streaming, 4.6 hours on social media, 4.2 hours of video streaming and 4.2 hours on websites.
Generation Z is therefore also the most interactive, making it the ideal candidate for marketing new technologies such as cryptocurrencies.
All this data puts social media companies like Facebook in a strong position, since they not only have a very popular mobile app among young people, but they also have a huge marketing budget to use.