Japan continues to be a fascinating case study in how different generations approach digital assets. A survey conducted by consulting firm Clabo in February 2026 — covering 1,486 respondents — reveals that Japan's Generation Z is currently the most aware when it comes to crypto scams. The findings offer a striking generational divide that has implications well beyond Japan's borders.
Distrust, Technology Gap, and Volatility Fears
Despite crypto's growing presence in global markets, a deep sense of skepticism persists among Japanese residents. The leading barrier identified in the Clabo survey is a lack of technical understanding: 23.3% of respondents admitted they simply "don't understand" the underlying technology. This was followed by concerns over price volatility at 21.1%, and fears of fraud at 19.2%.
These concerns, however, are not distributed evenly across age groups. Older Japanese citizens — including those who lived through the so-called "bubble generation" of the 1980s and 1990s — tend to find blockchain technology itself too complex to engage with. Younger Gen Z respondents, by contrast, are focused on practical security threats in their day-to-day digital lives.
Gen Z vs. Boomers: Two Generations, Two Types of Fear
The generational gap in fraud awareness is stark. Gen Z respondents identified social media phishing as their primary concern — a threat they encounter daily on platforms like X, Instagram, and YouTube. Older generations, however, appear disoriented by the technology itself, leaving them ill-equipped to distinguish legitimate crypto projects from fraudulent ones. Paradoxically, this technology confusion may make Boomers more vulnerable to sophisticated scams despite their general skepticism toward crypto.
Millennials Lead Actual Crypto Investment
While Gen Z is the most fraud-aware and Boomers struggle with the technology basics, Millennials are the generation most likely to actually hold crypto assets. They report the highest rate of digital asset ownership and show the strongest appetite for financial innovation.
That said, overall adoption numbers remain modest: 50% of respondents have never invested in cryptocurrency, 33.7% currently hold digital assets, and 15.7% previously held crypto but have since divested.
YouTube and Social Media as Information Sources
The survey also highlights the evolving role of media in shaping crypto awareness. For general information, news websites remain the top source at 38.4%, followed by social media at 36.7% and YouTube at 31.6%. However, when it comes to actual investment decisions, the rankings shift dramatically.
YouTube leads investment-related information at 27%, underscoring the power of video content in financial education. This dual role makes video platforms simultaneously an opportunity for quality financial literacy and a vector for misinformation — as irrational investment tips circulate widely through social channels.
Closing the Knowledge Gap
The key takeaway from Clabo's report is that crypto in Japan suffers from an education deficit. The firm — which specializes in wallet security and asset recovery — argues that creating more accessible, age-tailored educational content is essential for broader adoption. Crucially, no single message can reach all age groups effectively: each generation's concerns require a targeted communication strategy.
