Younger Americans are showing cautious openness to receiving cryptocurrency as a Christmas gift, even as digital assets continue to experience sharp price swings.
Surveys and interviews suggest Gen Z views crypto less as a guaranteed investment and more as an entry point into financial markets.
Those in their early 20s who already invest tend to prefer more stable options such as stocks, savings contributions, or help with rent, while teens and newer investors appear more enthusiastic about crypto.
A recent Morning Consult survey conducted for Visa Inc. found that about 45% of Gen Z respondents said they would be excited to receive cryptocurrency as a holiday gift.
The online poll of 1,000 U.S. adults was conducted Oct. 14-16. Results were weighted by gender, age, race, and education and have a margin of error of plus or minus 3 percentage points.
Financial analysts say the trend reflects generational comfort with volatility rather than confidence in near-term gains.
"Gen Z doesn't fear volatility the way older generations often do; what they fear is stagnation," said Will Reeves, chief executive of bitcoin financial services company Fold, who noted that traditional paths to wealth can feel out of reach for younger adults.
Some Gen Z investors say crypto's appeal is cultural as well as financial, shaped by years of exposure to bitcoin and ethereum through social media.
Research from the Financial Industry Regulatory Authority and the CFA Institute shows crypto is often the first asset younger investors hold, with nearly one-fifth of Gen Z investors owning only crypto or nonfungible tokens.
Still, many young adults describe crypto as speculative.
Russell Kai, 22, said he would accept a crypto gift but would likely sell it and reinvest the proceeds in stocks he follows more closely.
That caution reflects recent market behavior. Bitcoin surged above $100,000 earlier this year, reaching about $125,000 in October, before retreating sharply.
As of Monday afternoon, bitcoin was trading around $89,000, roughly 28% below its peak.
The swings came alongside wider market volatility, including shifting interest rate expectations and investor reactions to trade policy.
Crypto prices initially fell earlier in the year as risk appetite cooled, then rebounded after the White House and Congress signaled support for digital assets.
Retail investors have played a role in those moves, particularly through bitcoin exchange-traded funds that allow exposure without direct ownership.
Some publicly traded companies also tied their business strategies to holding crypto, driving stock gains during the rally.
Despite recent declines, many professional investors believe crypto could see further gains in 2026.
Financial advisers continue to warn that digital assets remain risky and should represent only a small share of a diversified portfolio.
For many Gen Z Americans, that makes crypto less of a holiday wish and more of a curiosity they are willing to unwrap cautiously.