Boomers and Gen-X Double Their Bitcoin Investment, Recording More Growth than Millennials & Gen Z
According to a study by Mode Banking, “Bitcoin investments have been doubling every month since February among Boomers and Gen-X, signaling wider crypto adoption.”
Interest in bitcoin has always been much more robust in younger age groups than the older ones, but recently the Boomers, those from 1946 – 1964, have been taking a special interest in BTC as well.
As we reported, a Bitcoin financial services firm, River Financial Inc., reported Baby Boomers with over the age of 55, accounting for 77% of its growth since March, which in part was “inspired by the Federal Reserve’s unprecedented monetary intervention.”
Mode also found an initial uptick in BTC investments in March, during COVID-19, which was at the same time global markets crashed and countries went into lockdown. “As the global pandemic evolved, Boomers and Gen-X began accelerating their exposure to BTC on Mode’s platform,” reads the report by the London-based fintech firm.
With February, pre-COVID-19 month as a benchmark, both the age groups invested 2.24x more in BTC in March, 4.49x more in April, and a staggering 8.88x more in May than they did in February.
“We believe these to be very interesting findings, (…) they could potentially reveal an unprecedented change in the way investors think today, as a result of the global pandemic,” said Janis Legler, Chief Product Officer at Mode.
Boomers Closing the Gap
Millennials, those born between 1981 – 1996, and Generation Z from 1997 – 2012 dominated the bitcoin investment, growing 118% month-on-month before COVID-19 and 125% during the coronavirus pandemic.
During January and February, the bitcoin investments of the older generations grew twice as slow as of younger generations, 61% compared to Gen X and Gen Z.
However, during the pandemic, Boomers and Gen X (1965 – 1980) accelerated their BTC investment at 107%.
“Bitcoin is becoming popular among all age groups and is being endorsed by more mainstream investors every week. We expected Millennials to continue buying into cryptocurrencies, but to see more experienced investors also become increasingly interested in Bitcoin, is extremely promising for the growth of the industry,” Legler said.
According to the study, the global pandemic, national lockdowns, and economic crisis could “forever change” the mindset of investors towards money and wealth.
With the money printers of different countries going brrr…, the general public is trying to find ways to protect their wealth. It is also evident in the surge in global search interest for “Where to invest.”
Being tech-savvy, Millennials, and Gen-Z are expected to lead the adoption of bitcoin. However, Boomers and Gen-X getting into Bitcoin could be a “strong case for bitcoin to breakout” because they still own the vast majority of wealth, states the report.