While Millennials and Gen Z have long been enthusiastic when it comes to crypto it now appears that Boomers and Gen-Xers are getting into the crypto boom – at least according to a survey by de Vere Group.
In a release, de Vere states that a global survey of their clients shows that 70% of individuals aged over 55 found they are already invested in digital currencies or are planning to do so this year.
Nigel Green, CEO of deVere Group, said that Boomers and Gen X are just as excited about digital currencies.
“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. They’re aware that if you are flooding the market with extra money, then, in fact, you are devaluing traditional currencies – and this, and the threat of inflation, are legitimate concerns, prompting them to seek out alternatives.”
de Vere group facilitates crypto investment including Bitcoin, Ethereum, XRP, Dogecoin, Dash, Bitcoin Cash and, recently, Cardano.
Of course, Bitcoin has recently been on a roller coaster of new time highs followed by a sudden drop – volatility that may concern conservative investors looking for income instead of gain. But as de Vere mentions, the description of digital gold, or a hedge against looming inflation, may be driving older investors to join the rush to Bitcoin and perhaps other digital currencies.
“Baby boomers and Gen X, who own most of the world’s wealth, are embracing the cryptocurrency revolution,” said Green. This will serve to further bolster prices in the market in the longer-term.”