Investment is being boosted by Boomers and Gen-X by a factor of nine since the start of global lockdown.
The former generation have boosted their monthly BTC investments by factor of nine on U.K crypto trading app Mode since the onset of the pandemic and lockdowns
According to Mode Banking, Baby Boomers are born in 1946 to 1964 and Generation -X born in 1965 to 1980.
Utilizing February as the baseline, the conclusions show that investments from these generations improved 2.24x in March, 4.49x in April, and 8.88x in May.
Mode Chief Product Officer Janis Legler reported:
“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 said this improvement in interest is very critical for lasting success of crypto markets as the bulk of income 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 favorable for the growth of the industry.”
Morgan Creek Digital co-founder Jason Williams reflected this sentiment, saying on Twitter that the former generation will soon own better digital assets than millennials:
“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.”