A majority of Gen Zers say they're not likely to buy cryptocurrency anytime soon

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A majority of Gen Zers say they're not likely to buy cryptocurrency anytime soon

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Gen Z isn't so crazy about cryptocurrency.

The majority of Gen Z is bearish on buying cryptocurrency, according to a recent survey by Business Insider.

In January, on behalf of Business Insider, SurveyMonkey Audience partner Cint surveyed 1,884 Americans between the ages of 13 and 21 to learn how Generation Z views the world, including how it thinks about time and money on the internet and in the physical world.

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Young adults and teens were asked to rate how likely they were to purchase cryptocurrency in the next six months. More than 52% said they were not at all likely to purchase cryptocurrency during the specified time period. 17% said they were not so likely.

how likely gen zers to buy cryptocurrency in the next six months

Yutong Yuan/Business Insider

Read more: THE STATE OF GEN Z: The smartphone generation is reaching a breaking point

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After a bull run in 2017, cryptocurrencies like Bitcoin and Ethereum largely fell out of favor with the general public and maintained steady prices much lower than the 2017 highs.

But on June 18, social networking giant Facebook released a whitepaper detailing its own cryptocurrency called Libra. After the announcement, both Bitcoin and Ethereum skyrocketed in price.

It's possible the reinvigorated market could cause some of the teens in this survey to rethink their position, and it may spur the 26% who said they were somewhat likely, very likely, or extremely likely to purchase cryptocurrency to pull the trigger.

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Although Facebook hasn't officially launched Libra, its whitepaper outlined plans for centralized governance through a consortium of massive finance and technology companies like MasterCard, Visa, Uber, and Spotify to help provide financial stability for its cryptocurrency, which any of its 2.6 billion users around the world will be able to use.

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