Digital assets for digital natives: Exploring familiarity and preference for cryptocurrency among millennials and Gen Z

Abstract

Cryptocurrency has gained significant attention and popularity in recent years, leading to increased awareness and preference among individuals worldwide. This study explores the intertwined concepts of awareness and preference and reasons for buying cryptocurrencies among Chennai city’s Millennials and Gen Z. This study did two things: a comprehensive but detailed systematic literature review on cryptocurrency and then conducted a survey, the study got 252 valid responses. After analysis, it has been observed that majority of the respondents are aware of cryptocurrencies and only a less percentage respondents own cryptocurrency. As individuals learnt about cryptocurrencies, their preference for these digital assets begins to take shape. Decentralized & transparent transactional system and financial inclusion and security & privacy emerge as significant factors driving preference, as individuals seek to escape the constraints of traditional financial systems and exercise direct control over their assets. Additionally, the potential for high returns attracts investors, drawing attention to the volatile but potentially rewarding nature of the cryptocurrency market. Global accessibility & speed and media & publicity are vital in promoting a sustainable and well-informed approach to the adoption and affinity for cryptocurrencies. This study holds the promise of exerting a positive influence on society by enabling better-informed decision-making, fostering greater financial and technological literacy, mitigating risks, and actively contributing to the responsible development of the digital asset industry.