Japenese Exchange New Customer Bitflyer is in Their 20s

Japenese Exchange New Customer Bitflyer is in Their 20s

More than 30% of new customers at bitFlyer, a major Japanese crypto exchange, are in their 20s, the exchange said.

BitFlyer conducted a survey of Japanese customers who opened accounts this year between January and July, with 539 responding, CoinDesk Japan reported Tuesday.

The number of new customers in their 20s doubled from a 2018 survey, when just 18% of respondents were part of that age group. In contrast, the percent of respondents in their 30s, 40s, 50s and 60s all shrank relative to two years ago.

BitFlyer’s marketing manager Kenichi Nishimura cited the COVID-19 pandemic as one reason for the influx, saying young investors were looking for alternatives to the traditional stock market after major global indices crashed. Other concerns include a Financial Services Agency report saying pensions might not be sufficient to live on by the time individuals in their 20s retire.

The crypto exchange claims its largest group of users remains in the 30-39 age range, both in Japan and its overseas markets.

CoinDesk reported earlier this year that Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group, three of Japan’s biggest banks, are looking at developing a digital payment system that could support a shift away from physical cash without requiring crypto.

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