Bitget Sees 683% Growth in Gen Z Users Following Trump's Election Victory

Key Takeaways

• Gen Z's share of new crypto exchange users spiked from 26.2% to 53.8% in November.

• A monthly inflow of GenZ users on Bitget reached a record growth of 683%.

• Donald Trump's pro-crypto stance during the U.S. presidential election resonated with young users, highlighting the role of political narratives in shaping financial behavior.

• Post-election optimism increased Bitcoin prices, fueling market enthusiasm and attracting new participants amid FOMO.

The U.S. election on November 5 initiated a chain of events that marked a turning point in the demographic composition of new cryptocurrency users. Cryptocurrency exchange Bitget has seen a record-high increase in new young users, the share reaching a monthly growth of 683%.

During the previous growth cycle in late summer 2024, Bitget had recorded a monthly growth rate of 1.72 million new users, driven by the introduction of Apple Pay and Google Pay integrations. This innovation streamlined the process of converting fiat currency into cryptocurrency, appealing broadly to users across all age groups. However, the general user inflow wasn’t accompanied by a noticeable skew toward younger demographics.

The dynamics shifted significantly in October-November 2024, with Gen Z users (aged 18–25) experiencing a nearly 700% surge. This marked departure from earlier trends highlights how the new president’s pro-digital asset stance and related expectations influenced user behavior. The growth also reflects the broader impact of market and sociopolitical developments during this period.

In October, over 400,000 new users joined the Bitget platform, with 26.2% (approximately 110,000) belonging to a Gen Z group. In November, the total number of Gen Z users had surged by 736,000, reaching a remarkable 844,000 (Fig. 1). This sharp growth illustrates a pivotal shift in user demographics, driven by US election-related developments during this period.

Fig. 1: Growth Dynamics of New Users Aged 18-25 (October-November 2024)

The observed changes in user demographics cannot be considered coincidental, as they align with one of the year’s most important events — the U.S. presidential election. The lead-up to the election was marked by intense competition between candidates, with no clear frontrunner and considerable uncertainty regarding potential outcomes. However, once the results were announced, the crypto community quickly recognized the implications: a favorable policy environment under the new administration promised significant benefits for the crypto market. This realization appears to have catalyzed a surge in engagement, particularly among younger, tech-savvy users, reflecting the influence of political developments on market dynamics.

The majority of young men showed strong support for Donald Trump, influenced by his image as a strong, charismatic leader and endorsements from prominent figures like Joe Rogan and Elon Musk. Among young white men aged 18–29, Trump secured a decisive lead, winning by a margin of 28 points (63% vs. 35%) (Fig. 2).

Fig. 2: The Presidential Choice of Young Voters (18-29)

This demographic represents the third-largest segment among crypto users and holds significant market potential. According to the Bitget survey conducted in 2022, GenZ users make up 21% of crypto users (Fig. 3), being the fans of modern technologies, keen on turning to blockchain and digital assets, as they have no negative experience with financial crises, being born after 2008.

Their financial literacy and technical savviness enable them to adapt quickly to the crypto landscape, and their growing annual income positions this group as a likely leader in assets under management in the near future.

In his election campaign, Donald Trump focused on the interests of progressive youth, specifically their uncertainty regarding the government's inconsistent stance on cryptocurrencies. This lack of clarity has created doubts about the future of digital assets. The newly elected president's promises to create a national Bitcoin reserve and protect private cryptocurrency storage played in unison with the desires of this age group. Young investors also welcomed ideas to encourage Bitcoin mining in the United States.

Fig. 3: Crypto Users Across Different Age Groups (2022)

Gen Z is characterized by their strong focus on financial freedom and a comfortable life. Over 50% of adults in this generation have already had investment experience and have begun accumulating financial knowledge and experience. This group has responded positively to Donald Trump's ideas for a central bank digital currency (CBDC). This generation also responded to the resignation of the SEC Chairman Gary Gensler and the Bitcoin and cryptocurrency advisory board creation. Younger people are more confident that the regulatory landscape will not change and that the regulatory framework will be able to protect against global shocks.

Previously, the limited demand for workers in the crypto industry deterred young people from registering on the exchange and the use of digital assets. The promise of making the US the "crypto capital of the world" gives hope for the sector's prospects, which is reflected in the influx of new users. A domino effect is forming as expectations of blockchain growth under the newly elected president influence the current asset prices. A 40% monthly rise in Bitcoin’s value, acting as the market’s driving force, is attracting investors eager not to miss out on potential gains. Market optimism following the election is a clear confirmation of the significant impact a president who supports crypto values can have on market sentiment.

Fear of missing out (FOMO) is just one of the factors, along with prominent crypto advocates’ statements and social influence. The growing influence of figures such as Elon Musk in Trump's entourage has increased the credibility of cryptocurrencies. Musk is a well-known supporter of digital currencies, and his involvement can be perceived as a strong endorsement, specifically by Gen Z users who tend to follow the ideas of popular figures and opinion leaders. Bitget’s 2023 research found that the copy trading feature is especially popular among tech-savvy Gen Z users, who tend to seek investment advice from their favorite social media influencers. This group accounted for 44% of all copy traders on the platform, followed by the 25-35 age group at 32% (Fig. 4).

Fig. 4: Popularity of Copy Trading Among Different Age Groups

The younger generation is closely connected through online communities and social media, where discussions about Trump's promises and market growth are spreading rapidly. Positive sentiment in these communities may have contributed to the increase in new cryptocurrency users and registrations.

Due to the convergence of the above factors, Bitget achieved record growth both in absolute and relative terms:

• 844,000 new users under the age of 25 joined the platform within a single month.

• The share of new Generation Z users increased by 27.6 percentage points over the month (from 26.2% to 53.8%), more than doubling (Fig. 5).

• Currently, 48% of Bitget users are Gen Z and young millennials, ranging in age from 18 to 30 years old.

Fig. 5: Share of New Gen Z Users in the User Base (October-November 2024)

The growth in the number of registrations around the world suggests that the optimistic mood of the crypto community is not limited to the United States. El Salvador has long recognized Bitcoin as a legal tender, but following the election, a surge of legislation and state-level initiatives promoting cryptocurrency has emerged. If this trend persists, countries like Brazil, Poland, and Slovenia could potentially join the ranks of those building strategic Bitcoin reserves.

The international resonance with the views of young, tech-savvy demographics suggests a high correlation between Gen Z opinions and political events. The sudden surge in young users’ interest in digital assets follows the pro-crypto promises of the newly elected president. This group of users is more adaptable to rapid changes in trends, allowing them to respond more quickly to new market expectations.