- Mode Banking suggested that adoption of the cryptocurrency among the Baby Boomers and Gen-X are increasing during the Covid-19 pandemic.
- During the last few months, the Bitcoin investments by the Boomers and Gen-X has almost doubled.
A recent research post by Mode Banking suggested that adoption of the cryptocurrency among the Baby Boomers and Gen-X are increasing during the Covid-19 pandemic. During the last few months, the Bitcoin investments by the Boomers and Gen-X has almost doubled. Ever since Bitcoin has taken over the market, Millennials have always shown greater interest in digital assets. However, the Mode proves it wrong as of now. Mode is an online Bitcoin trading mobile application supported by Biz Stone, co-founder, Twitter.
Investments By The Older Generation Doubled Every Month Since February
Baby Boomer refers to the cohort of people born between 1946 and 1964 whereas the Generation X ( Gen Z) are those groups of people who are born between 1965 to 1980. The data by Mode reported that both Baby Boomers and Gen X invested 2.24 times more in Bitcoin in March than they did in March. 4.49 times more in April and subsequently 8.88 times more in May. A doubling trend is evident in the investments. And all of this happened when the global markets crashed and many countries declared lockdowns due to the pandemic.
Millenials And Gen Z Still Dominate The Investment Growth Charts
However, the millennials and generation Z still top the charts of Bitcoin investment growth. Before the coronavirus pandemic, the investment grew 118% per month which increased to 125% during the pandemic.
Further before the pandemic, the rate of growth of Bitcoin investments were almost twice than that of the boomer generation, almost 118% to 61%. However, during these tough situations the older generation have given a tough competition to the younger generation. It decreased the gap between them from 125% and 107%.
Hint That Bitcoin Is Growing Among The Investors Of All Ages
The chief product officer of the Mode Banking, Janis Legler said that Bitcoin is becoming to gain popularity from investors of all ages and adopted by new investors every week. They expect the millenials to invest more into cryptocurrency. However, the similar response and interest from more experienced investors is very promising for the development of the cryptocurrency industry.
Mode’s data signals that the older generation investing more in cryptocurrency is an outcome of Covid-19. However, this is a good sign for the crypto asset market because still the majority of the assets owned by them. Morgan Creek Digital co-founder thinks that soon the Boomers and GenXers will invest more in digital assets than the millenials.