Most New Customers at Japanese Exchange BitFlyer Are 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.