Bitpanda Research: Who are Austria’s crypto investors?

In Austria, we found that nearly one in five people across the country already invest in cryptocurrencies, but that number rises to 28% for Millennials. 

The popularity of cryptocurrencies in Austria is on the rise according to our latest survey, increasing from 14% in 2023 to 18% this year. However, adoption isn’t uniform across the country, with young people in particular adopting crypto at faster rates.

Millennials are turning to crypto, Gen Z is following suit

28% of Austrian Millennials (aged 28-43) have already invested in cryptocurrencies, and they are also very popular among Generation Z (aged 18-27) at 21%. By comparison, 16% of Generation X have invested in cryptocurrencies, compared to just 8% of Baby Boomers. 

For Generation Z, cryptocurrencies, together with ETFs, are now the second most popular asset class (21% each). Only precious metals such as gold and silver are even more popular with Generation Z in Austria (32%) 

Optimism for the future of the crypto market

54% of Austrians under the age of 43 expect the price of Bitcoin to rise in the next 12 months. This optimistic assessment is given not only by those who have already invested in cryptocurrencies in the past but also by those who have no previous experience with crypto investments.  

The younger generations' plans for future investments are particularly impressive. A full 37% of Generation Z and 41% of millennials from Austria plan to invest in cryptocurrencies within the next 12 months. These figures illustrate the growing interest and trust in digital currencies among young Austrians. 

Martin Beranek, Bitpanda’s Commercial Director for Austria and Switzerland, said: "The study shows a profound evolution in investment behaviour. Younger generations handle their assets differently than Generation X and Baby Boomers. They are much more open to new asset classes such as cryptocurrencies than the generations before them. The figures underline the growing optimism and increased confidence in the future of digital assets. Our rapidly growing user figures from the last few quarters are impressive proof of this."

Factors driving adoption

There are several reasons people are choosing to invest in crypto, but the main factors for young Austrian investors are, independence from traditional financial institutions (35%) and high potential returns (34%). Anonymity (31%), technological innovation (29%), and long-term potential (29%) also play a decisive role. 

Trust remains a key factor

The trust of Generation Z and Millennials in the crypto industry still has to be earnt, and there are some major steps factors that could help deliver that trust. According to the YouGov survey, 24% of those under 41 would like to see more stability in the crypto market. In addition, 23% want more transparency and information as well as legal provisions and more government regulation for cryptocurrencies in order to strengthen confidence in this form of investment. A further 22% want better security measures against hacker attacks and theft.

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Disclaimer

This article is distributed for informational purposes, and it is not to be construed as an offer or recommendation. It does not constitute and cannot replace investment advice. Bitpanda does not make any representations or warranties as to the accuracy and completeness of any information contained herein. Investing carries risks. You could lose all the money you invest.