Older generations have multiplied their monthly Bitcoin investments on the British crypto trading application Mode nine times since the beginning of the pandemic and the blockades.
Mode Banking reported that Baby Boomers (born between 1946 and 1964) and Generation X investors (born between 1965 and 1980) have been investing a much larger share of their wealth in Bitcoin since the beginning of the COVID-19 pandemic.
Using February as a benchmark, the results show that the investments of these generations increased 2.24 times in March, 4.49 times in April and 8.88 times in May.
However, the report does not cite any dollar values on the relative amounts invested, so it is difficult to determine the significance of these data.
Said Janis Legler, Product Manager at Mode :
“We think these results are very interesting, and while there are many reasons for this, they could reveal an unprecedented change in the way investors think today, due to the global pandemic”
The older generation’s investment in bitcoins increases during VIDOC-19. Source: Mode
Millennium investments double every month
Mode’s figures show that investments in the application of the younger generations, Millenials and Gen-Z, were already doubling month after month before the pandemic. But before the closures, the older generations were spending only 61% more per month – which increased to an average of 107% per month during the pandemic.
The investment gap between generations is narrowing. Source: Mode
According to Legler, this increase in interest is very important to the continued success of the cryptography markets because the majority of wealth is still held by the Boomers and Generation X :
“We expected Generation X to continue to buy into cryptocurrents, but seeing more experienced investors taking an increasing interest in Bitcoin as well, is extremely promising for the growth of the industry”
Morgan Creek Digital co-founder Jason Williams echoed this sentiment, saying on Twitter that the older generation will soon own more digital assets than the millennia:
“Boomers and Gen-Xers will start owning massive amounts of #Bitcoin and exponentially controlling more assets than millennia old when it should be the other way around..