Nearly two-thirds of Bitcoin users are under 35

A new report has revealed that whilst Bitcoin users are predominantly white tech-savvy men under the age of 35, there is a lot more financial equality with the number of bitcoin users who earn under $25,000 being almost identical to bitcoin users who earn over $50,000.

The research, conducted by Coindesk, has discovered that Bitcoin has young people on its side. Nearly two-thirds (60 per cent) of 3,515 people who said they owned the crypto-currency are between the ages of 25-34. The second largest age group to use the currency is the 35-44 demographic.

People over the age of 65 were the people least likely to use the currency at 2.25 per cent, with under-18s being a close second at 3.76 per cent.

The digital currency still hasn’t managed to strike a chord with women, with 9 out of ten users identifying as being male. However, the report notes that although 10 per cent is still an extremely low number of female users, it did mark a 5.2 per cent increase from pervious users, suggesting that the question is one of  ‘when’ rather than ‘if’ the currency becomes adopted by more women.

Bitcoin is also more popular with Caucasian people, with 65.8 identifying as ‘white’.

In terms of income, Bitcoin usage is much more evenly spread out. Just over 20 per cent (21.25 per cent) who earn less than $25,000 use the currency. Practically the same percentage of people (21.91 per cent) who earn between $25,000-49,999 use the currency. Just under a quarter (23.9 per cent) of people who use Bitcoin earn between $50,000-99,999.

Interestingly, the report challenges the image of many Bitcoin users being ‘early adopters’ by pointing out that 75 per cent of people said they have started using the currency only in May 2013. One-third actually started using the currency as late as last year.

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