19 October, 2026
That gap between appeal and conversion is the central finding of our research and explains why an increasingly compelling market remains relatively small. To understand how the gap may close, we reviewed awareness of the product category, familiarity of the channels through which it can be purchased, and the factors that convert awareness into ownership.
Awareness is highest among younger cohorts, reaching 50% among 25-34-year-olds, compared with 23% among those aged 55 and over (Exhibit 3). This reflects the fact that younger generations are entering financial markets earlier than previous generations and investing through digital channels by default.1 We return to what this means for growth in Section 4.
Consumers tend to invest smaller amounts but at far higher penetration rates in markets where digital gold is available fractionally through familiar, mainstream channels. In China, for example, digital gold can be accessed through platforms such as WeChat, which has more than 1.4 billion monthly active users.2 In India, it is available through Paytm, PhonePe and Google Pay, and in Indonesia through Pegadaian and Bank Syariah Indonesia. These channels provide access to large, established consumer bases and enable investment at much lower average ticket sizes than channels available in other markets. As a result, awareness and adoption are significantly higher: current penetration is up to seven times greater than in less mature markets, while awareness is more than double (Exhibit 4).
In markets where products are offered through specialist or less familiar channels (crypto exchanges or bullion-dealer platforms rather than banking apps), awareness is much lower and ownership remains concentrated among the wealthy. Penetration among higher-wealth investors is approximately two and a half times that of lower-wealth investors. Access, in other words, determines not just how many people invest but who they are. Where access is constrained, demand patterns reflect those of specialist investment products.
Digital gold offers significant growth potential, but it lags when it comes to converting awareness into ownership (Exhibit 5). This stands in contrast to other investment products, which convert at higher rates. One reason is that they have addressed structural barriers, while digital gold has not.
33% Say that better proof and transparency of physical gold backing would increase adoption
Four barriers stand in the way of scaling: These are trust, access, utility and cost.
Trust is the swing factor. More evidence that the product is safe and legitimate, together with clearer information for beginners, are the factors most often cited as potential spurs to investment. Beyond those factors, 33% say that better proof and transparency of physical gold backing would increase adoption, and 35% say that clearer regulation and consumer protections would have the same effect.
Utility is another potential driver of uptake. If investors could pay with digital gold, earn a yield through lending, or borrow against it, they would have more reasons to buy. Access and cost complete the picture. While they are not key drivers of demand, restrictions on where digital gold can be bought and whether it can compete with alternative investment products are cited as top reasons that would prevent someone investing in the future.
Our survey has helped us quantify the impact of each barrier (Exhibit 6). In aggregate, our calculations show that taking action to address all four barriers could reasonably increase participation by 13 percentage points and allocations by 2.5 percentage points. Regulatory or similar protection is seen as the single most powerful lever for participation. Together, these effects account for the digital gold market’s total latent demand of up to $700 billion.
EXHIBIT 6
n = 12,267
Output from conjoint analysis, excludes any uplift from respondents who separately indicated they were unlikely to invest in digital gold in the future.
The potential market for digital gold is far larger than current adoption levels suggest. Nearly 90% of survey respondents say they would consider investing if the main barriers were addressed.
Based on the modelled increase in both market participation and portfolio allocation, removal of all the barriers could unlock up to $700 billion in latent demand.
This is not a near-term market forecast; it is an estimate of the total opportunity in today’s terms.
Consumer sentiment is consistent with the aggregate industry view. Our research shows that market participants see potential and are monitoring demand and exploring options. Interest now spans the value chain and encompasses refiners and mints, exchanges, custodians and banks.
Demand, in other words, is not the problem. Conversion is. The three most important questions now are how much of the opportunity can be captured, how quickly, and what must the industry do to make it happen?
