According to Mode Banking, investors of the Baby Boomers (born 1946-1964) and Generation-X (born 1965-1980) have been investing most of their assets in Bitcoin since the beginning of the COVID-19 pandemic.
The older generations have increased their monthly Bitcoin investments
Older generations have increased their monthly Bitcoin investment by nine times on the U.K crypto trading app Mode since the onset of the pandemic and lock down the city. The data showed a 2.24x increase from February to March, and then a 4.49x increase from February to April, and finally an 8.88x increase from February to May. Each month saw double the rate of growth compared to the month prior.
However, the report does not quote any dollar value on the relative amount invested, so it is difficult to determine the importance of the data.
Mode Chief Product Officer Janis Legler stated:
“We believe these to be exciting findings, and although the reasons for this could be manifold, they could potentially reveal an unprecedented change in the way Investors think today, as a result of the global pandemic.”
Bitcoin investments by the older generations are growing during COVID-19 | Source: Mode
Meanwhile, according to Mode, investments in apps from younger generations, like Millenials and Gen-Z, doubled from the month before the pandemic. But, before lockdowns, older generations spent only 61% more than the previous month – an average increase of 107% compared to the last month during the pandemic.
The investment gap between generations is closing | Source: Mode
Legler said this increase in interest is significant for the ongoing success of crypto markets as the majority of wealth is still owned by Boomers and Gen-X:
“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.”
Morgan Creek Digital co-founder Jason Williams mirrored this sentiment, saying on Twitter that the older generation will soon own more digital assets than millennials:
“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.”
Mode launched earlier this year and is currently only available in the UK on iOS, with an Android version in the works. The app charges a 0.99% fee for Bitcoin purchases and sales, with a built-in Bitcoin Jar feature that rewards holders with daily interest that is compounded weekly.
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