- Boomers-oriented crypto exchange released mobile Bitcoin trading app
- Baby boomers are called the richest generation in history
- Senior generations are the growing segment of digital asset investors
For years digital currencies have been a game for millennials. But the rules are changing. Older generations show more and more interest in cryptocurrencies and thus form a new niche in the crypto market.
River Financial, a San Francisco-based cryptocurrency trading platform announced the creation of a crypto trading app custom-made especially for the Baby Boomers. The crypto startup focuses exactly on senior digital asset investors.
Crypto App for Boomers
River Financial mobile app comes as another application that allows managing cryptocurrency portfolios. However, the company says it will enable faster purchases compared to the competitors.
According to the statement, the app users will be able to buy Bitcoin instantly “without needing to wait for fiat funding to settle”. Mobile application, which only is available for iOS devices yet, allows buying, selling, and tracking Bitcoin investments and real-time price movements.
The company calls the launch of the crypto trading app a big step towards its mission to bring Bitcoin for long-term investors. The significant majority of the company’s clients are born in the 50s or 60s and are heavy mobile users, said River’s CEO Alexander Leishman.
The majority of River Finance clients are high-net-worth individuals with the highest purchasing power. The company has been growing 80% per month since January 2020, 77% of total growth created by Boomers.
On the flip side
- Baby Boomers were the latest generation to adapt to mobile technologies, and thus the least active.
- People over 55 look for more efficient, organized, manageable tools.
- Fidelity report revealed that Baby Boomers were the most likely to be overinvested in stocks in 2020.
Boomers’ investments grow
Baby boomers (born 1946-1964) are called the richest generation in history. And since the start of the global COVID-19 pandemic, they are heavily shifting towards digital currencies. Why? Because like institutional investors, they are looking for ways to protect their investments in a zero-interest environment and high inflation.
Baby Boomers are 10 times richer compared to millennials and held 53.2% of US wealth in 2020. They have also increased their investments in digital assets by almost 10 times during the past year. Respectively, even the biggest crypto advocates are boomers, including investor Paul Tudor Jones and MicroStrategy’s CEO Michael Saylor.