Japanese Gen Z stands out as the most scam-conscious generation when it comes to crypto. A new survey of 1,486 people across Japan found that younger users are far more alert to fraudulent pitches on social media than their older peers.
The gap between generations reveals that Japan’s crypto trust problem is not uniform — it varies by age and online habits.
Gen Z Watches for Scams, Boomers Struggle With Basics
The survey, conducted by Tokyo-based consulting firm Clabo in February 2026, asked respondents why they view crypto as suspicious. The top answer overall was “I don’t understand how it works,” chosen by 23.3% of respondents. Price swings came second at 21.1%, followed by fraud concerns at 19.2%.
But generational breakdowns tell a different story. Gen Z respondents flagged social media scams as their primary worry. They encounter fake giveaways and shady promotions on platforms they use daily. Older cohorts, including Japan’s bubble generation, pointed instead to the complexity of blockchain technology itself.
Millennials showed the highest rate of actual crypto investment among all age groups. They also reported the most active information-seeking behavior.
Across all groups, half of the respondents said they had never invested in crypto. Only 33.7% said they currently hold digital assets. Another 15.7% said they once invested but have since stopped.
YouTube Leads for Investment Decisions
When it comes to where people get crypto news, traditional news sites ranked first at 38.4%. Social media followed at 36.7%, with YouTube at 31.6%. But for actual investment decisions, YouTube jumped to first place at 27%.
The survey suggests that Japan’s crypto industry still faces a basic education gap. Clabo, which offers wallet recovery and security consulting, recommended more accessible educational content tailored to each generation’s specific concerns.