Mode Banking reported that Baby Boomers (born 1946-1964) and Generation-X (born 1965-1980) investors are investing significantly larger portions of their wealth into Bitcoin since the start of the COVID-19 pandemic.
📊 Data compiled by our team of in-house analysts reveals that #Bitcoin investments have been doubling every month since February among older age groups, Boomers and Gen-X, signalling wider crypto adoption. https://t.co/VjgLrIYIsj — mode_banking (@mode_banking) July 1, 2020
The report used February as the baseline, the findings show that investments from these generations increased:
2.24x in March
4.49x in April
8.88x in May
However, the report does not cite any dollar values on the relative amounts invested, so it’s difficult to determine how significant the data is.
Mode Chief Product Officer Janis Legler stated:
“We believe these to be very interesting findings, and although the reasons for this could be manifold, they could potentially reveal an unprecedented change in the way investors think today, as a result of the global pandemic.”
Mode’s figures show that investments on the app from the younger generations, Millenials and Gen-Z, were already doubling month on month prior to the pandemic.
Even before lockdowns, the older generations were only spending 61% more month-on-month, which grew to an average of 107% month-on-month during the pandemic.
Legler said this increase in interest is very important for ongoing success of crypto markets as the majority of wealth is still owned by Boomers and Gen-X:
“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.”
Morgan Creek Digital co-founder Jason Williams mirrored this sentiment:
Unpopular Opinion Boomers and Gen X’rs will move to own massive amounts of #Bitcoin and control exponentially more of the asset than millennials when it should be the other way around. — Jason Williams 🔴 (@JWilliamsFstmed) July 1, 2020