Older generations have increased their monthly Bitcoin investments by a factor of nine in the cryptocurrency trading app mode from the UK, since the beginning of the pandemic and quarantine.
Mode Banking reported this Baby Boomers Generation Investors (born between 1946 and 1964) and Generation X. (born between 1965 and 1980) Since the beginning of the COVID 19 pandemic, significantly larger parts of their assets have been invested in Bitcoin.
Using February as the basis, the results show this Investments by these generations increased 2.24 times in March, 4.49 times in April and 8.88 times in May.
However, The report does not name a dollar value of the relative amounts investedThis makes it difficult to determine the importance of the data.
Fashion product manager Janis Legler said:
“We believe that these are very interesting results, and although the reasons could be varied, they could potentially show an unprecedented change in investor thinking today as a result of the global pandemic.”
Bitcoin investments by older generations are increasing during COVID-19. Source: mode
Millennials double their investments every month
Mode numbers show that Investments in the use of younger generations Millennials and Gen-Z doubled every month before the pandemic. Before quarantine, however, older generations only spent 61% more month-to-month, which rose to an average of 107% month-to-month during the pandemic.
The investment gap between the generations closes. Source: mode
Legler said this increased interest is very important to the continued success of the cryptocurrency markets Most of the assets still belong to Boomers and Gen X.::
“We expected millennials to continue buying cryptocurrencies, but it is extremely promising for the growth of the industry to see that experienced investors are increasingly interested in Bitcoin as well.”
Morgan Creek Digital’s co-founder, Jason Williams, reflected this feeling., saying The older generation will soon have more digital assets than millennials on Twitter:
“Boomer and Gen Xs will move to own huge amounts of #Bitcoin and they will control exponentially more of the asset than millennials if it were the other way around. “