Boomers and Gen X Confirms Subsequent Investments During the Pandemic
Boomers and Gen X investors have ninefold their bitcoin investments since the global lockdown began, according to a new report from the US Securities and Exchange Commission.
According to a new report by the US Securities and Exchange Commission, the older generation has increased its monthly Bitcoin investments by a factor of nine. Fashion & Banking reports that baby boomers (born 1946-1964) and Gen X (born 1965-1980) invested in crypto trading at a rate of about $1,000 per month, compared with $500 in 2013.
Since the beginning of the COVID 19 pandemic, investors have invested significantly more of their assets in Bitcoin. The report does not give a dollar value for the relative amount spent, so it is difficult to determine how meaningful the data is. Taking February as a starting point, the results show that investment in both generations increased 4.49-fold, 8.88-fold, and 2.24-fold between March and May.
The older generation spent only 61% more and the younger generation only 44%, but both months grew by an average of 107% per month. Seeing more experienced investors showing an increased interest in Bitcoin is extremely promising for the industry’s growth, and we expect millennials to continue to buy cryptocurrencies.
Meanwhile, the continuously rising value of Bitcoin this year has made many people think about new uses of cryptocurrencies and blockchains. As governments around the world print more money as a result of the COVID-19 crisis, cryptocurrencies like Bitcoin will play a more critical role in the future as they have no dependency on paper.
Jason Williams the co-founder of Morgan Creek Digital recently tweeted his sentiments on digital assets and said that,
“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.”
