According to the cryptocurrency exchange, younger investors are more inclined to engage in copy trading or social trading and follow the recommendations of social media celebrities.
A fascinating article from Bitget claims that Generation Z investors are setting the pace for the intriguing practice of copy trading or social trading. This cutting-edge method, which mirrors a chosen person’s trades, appears to be being enthusiastically embraced by the young guns in the financial industry.
A startling 44% of all copy traders on Bitget are under the age of 25, according to the research, which was released on August 3. Young people between the ages of 25 and 35 made up just under one-third of the group, not far behind. The elder generations, those between the ages of 35 and 55, made up 17% of copy traders, while experienced investors over the age of 55 made up only 7%.
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The appeal of social media influencers could be the reason why Gen Z enjoys copy trading. Bitget suggested that their propensity to seek advice on investments from influencers on websites like YouTube, Reddit, and TikTok may help to explain their appeal to this strategy.
According to a January survey by Forbes Advisor, around 80% of Gen Z and millennials get their financial advice from social media, with a sizeable percentage claiming to have benefited from it.
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BTC accounted for more than 52% of the derivatives trading decisions made by copy traders. With 44% of the derivatives picks made by copy traders, Ethereum (ETH) came in second. Layer-2-focused coins like ARB and MATIC are challenging BTC and ETH’s dominance in the spot copy trade market. For spot trading volume, Bitget’s native token BGB took third place.
Related: Upbit Surpasses Coinbase and OKX in Trading Volume, Becomes Second-Largest Crypto Exchange
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Furthermore, according to a May research from the CFA Institute and the Financial Industry Regulatory Authority (FINRA) Foundation, cryptocurrency is unquestionably the hot investment for Gen Z. Gen Z investors started their financial adventure with cryptocurrency at a startling 44% in the United States alone, exceeding millennials at 35%.
Globally, the trend is evident, with 43% of British Gen Z investors and 35% of Canadian Gen Z investors choosing cryptocurrency as their top investment option. Join the exciting world of copy trading to see how Generation Z is changing the financial landscape by embracing cryptocurrency investments!