Bitcoin has always had the attention of the Millennials, but this year other generations also started to show their interest in the world’s leading crypto.
The richest generation in history – Baby Boomers as well as Generation X – are pouring their funds into Bitcoins since the start of a pandemic, reveals the recent survey from Mode, the British Bitcoin banking app.
According to the data, Great Britain’s Baby Boomers (born 1946-1964) and Generation X (born 1965-1980) investors are doubling their investments in the dominant cryptocurrency since February 2020.
The chart started peaking in March when both the cryptocurrency and traditional markets crashed due to the global Coronavirus pandemic. However, while the economies were shut down and the world was locked in quarantine, Boomers and Gen-X investors started to increase their shares in Bitcoin.
In March the total Bitcoin investment growth among both age groups increased 2.24 times compared to the prior months. The number, however, continued to rise within the following months and was 4.49 times bigger in April and even nearly 9 times higher at the end of May.
The researchers further compared the average growth of Bitcoin investments among different generations before the pandemic and during it. The data reveal significant domination of Millenials and Gen-Z before COVID-19, whose investments in Bitcoin grew 118% month-to-month. Meanwhile, Boomers and Gen-X investments were nearly twice smaller, only 61%.
However, the quarantine highlighted the opposite trend, where older generations accelerated their BTC investments almost twice up to 107%. In the same time, Millennials and Gen-Z slowed down and narrowed the growth gap between generations as they brought only 7% more funds into the leading digital asset.
The shift, that comes as a result of a global pandemic, may mark the unprecedented change in investors’ behavior, says Janis Legler, the CPO of Mode. According to her, the fact of Bitcoin gaining support from a wider range of age groups has a positive effect on its adoption:
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.
Despite the fact that Millennials have much more knowledge about Bitcoin and already are active investors in digital assets, the vast majority of wealth is still owned by Baby Boomers and Generation-X.