Boomers, Gen-X Doubled Down on Bitcoin During Lockdown
Baby-boomers and Gen-Xers have doubled their investment in bitcoin every month since the coronavirus lockdown began.
According to a new report by Mode Banking, older Americans invested 8x more into bitcoin in May compared to the start of the lockdown in February. The report claims that bitcoin has historically garnered more interest from younger age groups, a finding that has shifted in light of the ongoing pandemic.
Mode Banking claims Boomers and Gen-X accelerated their exposure to bitcoin as the COVID-19 pandemic unfolded, doubling their investment each month since February.
The report found an overall increase in average month-on-month growth for BTC investments in millennials and Gen-Z as well. According to the report, younger investors increased their month-on-month position from 118% pre-COVID-19 to 125% during the lockdown.
Janis Legler, Chief Product Officer at Mode Banking, commented on the findings,
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.
Legler continued, saying the results suggest bitcoin is becoming popular among all age groups and is being endorsed by more mainstream investors. He called the influx of experienced and older investors into bitcoin “extremely promising” for the growth of the industry.
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