Baby boomers and Gen X are piling into Bitcoin and other cryptocurrencies, affirms the CEO of one of the world’s largest independent financial advisory and fintech organisations.
The observation from Nigel Green, the chief executive and founder of deVere Group comes from a global poll of clients aged over 55 found that 70% of those surveyed are already invested in digital currencies or are planning to do so this year.
Last weekend, Bitcoin hit $57,000, which gave it a market capitalisation of more than $1 trillion. In addition, Ethereum, the second-largest cryptocurrency, surged past $2,000 for the first time, giving it at the time a market cap of $226 billion.
This week, the prices have dipped and the Bitcoin market is currently worth around $900 billion.
Mr Green says: “Despite this week’s drops, the Bitcoin price has still soared by almost 360% over the last 12 months, partly fuelled by endorsements made by Tesla billionaire Elon Musk, amongst others, and growing interest from institutional investors.
“This hugely impressive run has captured the attention of people around the world – and not just so-called ‘digital native’ younger generations, as is typically, and somewhat patronisingly, portrayed.
“Boomers and Gen X, it seems, are just as excited about digital currencies, with seven out of 10 already invested in crypto, or will do so in the near future, according to the poll.
“They too recognise that digital, borderless money is the way forward.”
He continues: “Whilst the recent massive social media hype and clickbait headlines are more of a catalyst for millennials and Gen Z to consider investing in the likes of Bitcoin, there are other drivers for older generations.
“The over-55 respondents to the survey frequently cited a key factor for their interest in crypto is the historic levels of money-printing as central banks around the world attempt to prop-up their economies following the fallout from the pandemic.”