Generation X and the Bitcoin Adoption
When it comes down to Cryptocurrency which is a topic that started gaining popularity just a few years back, you would expect the young generation to be leading the charge on this matter. And in some cases, that assumption would be right. Millennials have been at the front of this rising adoption due to their technical prowess and have been quick to adapt Crypto as part of their lifestyle. Digital wallets and dealing with assets that do not have a physical form is more their style. But is this something built just for Gen Y and the upcoming Gen Z? Well, According to Mode Banking which is a Bitcoin banking app and their report, it shows that Gen X are the ones in the forefront of Crypto investments. The report goes to state that people from Generation X or the ones born in the 1960’s – 1980’s and Baby Boomers are doing the most Crypto and Bitcoin investments at the moment. Usually, we expect new technology to have an adverse effect on the older generations so why does Bitcoin & Crypto which is a comparatively newer industry gain such traction from people in their golden years?
Talking about the report which goes into detail about people investing, the data shows that back when Covid19 hit and the markets crashed, investment in Crypto started changing. Using the month of February as the standard, it was 2.24 times more in March, 4.49 times more in April and 8.8 times more in May signaling that the new revolution of Crypto investment really had taken a hold of the public. This report also showed the difference in generations while talking about investments. Whereas the Generation Y and millennials started off strong before Coronavirus outbreak, the older generations started closing the gap by growing a whopping 107% in the recent months proving that Bitcoin/Crypto adoption is not the only for the young ones. Experts have called the Covid19 pandemic a main reason for this stating that people of all ages have started realizing just how useful crypto technology is and the effect is having during such a crisis. Where everything else is in doubt, maybe Bitcoin is the answer. Everyone knows that FIAT money is regulated while Cryptocurrency is mostly not. Maybe this is the reason that has swayed people in both Generation X & Y to shift to the digital side.
As to answer the question of how people of all ages interested in investing in Crypto came into reality, research shows that a popular search phrase “where to invest” was trending during the months when Coronavirus was labelled as a serious threat. With central banks and regulatory bodies throwing money to stabilize the current economy and the valuation of FIAT money not as strong as it used to be, Crypto was viewed as a potential answer. The search propagated was seen to be trending on Google trends for a long time but spiked considerably during the months when Covid19 was at its peak. Even if you google it right now, there are many experts that have quoted Cryptocurrency investments as very safe even during a pandemic and it has caught the attention of the older generation. Before the worldwide crisis, the younger folks were aware of this but it seems that quarantine and work from home has given rise to a newer yet Older generation of crypto investors who are just getting into it.
So, what are your thoughts on this topic? Which generation are you from? Have you ever invested in Crypto? Do your older relatives know about Bitcoin? Is there a new revolution in the older ages? If you have your own opinion on this topic, drop me a message at the chat box or any of the social links and we will be sure to feature you and your opinions.