Baby Boomers and Gen X embracing Bitcoin and cryptocurrencies
Baby boomers and Generation X are really getting behind Bitcoin and other cryptocurrencies.
A recent deVere poll of our clients over the age of 55 revealed 70% are already invested in digital currencies or are planning to do so in 2021.
Following Bitcoin hitting fresh highs over $58,000 last weekend, and Ethereum racing past $2,000 for the first time, the crypto market has grabbed people’s attention across the globe.
And not just the so-called ‘digital native’ younger generations, as is often portrayed.
As I was quoted by The Express, amongst other media outlets, we can see that baby boomers and Gen X are just as excited about cryptocurrencies, as they recognise that digital, borderless money is the future.
Although the headline-grabbing, social media hype typically drives millennials and Gen Z to contemplate investing in Bitcoin and other digital currencies, there are also other drivers for older generations.
One frequently cited reason for their interest in cryptocurrencies, by the over 55s who took part in this poll, is the historic levels of money-printing as central banks around the world try to bolster their economies due to the coronavirus crisis.
They know that by flooding the market with extra money, you are devaluing traditional currencies. This, coupled with the threat of inflation, are prompting them to look for alternatives.
Moreover, Bitcoin being referred to as ‘digital gold’ was also highlighted. It has gained this reputation as, like gold, Bitcoin is a medium of exchange, a unit of account, non-sovereign, decentralised, scarce, and a store of value.
In addition, Bitcoin – the world’s largest cryptocurrency by market capitalisation – will continue to dominate the crypto ecosystem.
That said, it is always recommended that investors maintain a sufficiently diversified portfolio to sidestep risks and make the most of opportunities.
Indeed, baby boomers and Generation X, who own most of the world’s wealth, are embracing the crypto revolution, which will further bolster prices in the market in the longer-term.
Last week, Cardano (ADA) was added to deVere Crypto, joining other major digital currencies including Bitcoin, Ethereum, Dash, Bitcoin Cash, XRP and Dogecoin.
This followed Cardano doubling its market capitalisation to $28 billion in around a fortnight as interest soars fuelled by the likes of Kiss rock star Gene Simmons who said on Twitter that he has purchased $300,000 of the cryptocurrency.