Baby boomers and Gen X'ers are joining the Bitcoin and cryptocurrency party, the CEO of independent financial advisory and fintech organization deVere Group, Nigel Green, explained in a recent statement.
According to Green, the observation comes from a global poll of clients aged over 55. The poll showed that 70 percent of surveyed clients aged over 55 have already invested in digital currencies or plan to do so this year.
Bitcoin and cryptocurrencies have been trending topics for several reasons of late: Tesla recently invested $1.5 billion in bitcoin; meme-inspired Dogecoin recently soared 370 percent due to retail investors inspired by the WallStreetBets' GameStop short squeeze, and Bitcoin's environmental impact has come under scrutiny once again.
Last week, Bitcoin hit an unprecedented $57,000 — largely due to the Tesla investment and endorsements by the automaker's CEO Elon Musk — giving it a market capitalization of more than $1 trillion.
Ethereum, the second-largest cryptocurrency, also surged past $2,000 for the first time, giving it a market cap of $226 billion at the time.
"[Bitcoin's] hugely impressive run has captured the attention of people around the world – and not just so-called 'digital native' younger generations," Nigel Green explained.
"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 recognize that digital, borderless money is the way forward," Green continued.
Bitcoin's 'digital gold' potential
Nigel Green explains that, though the recent headlines surrounding bitcoin have led to greater interest from the wider public, respondents to his company's survey also cited historic levels of money-printing due to economic downturns caused by 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," Green stated.
Bitcoin's reputation as 'digital gold' was also cited as a key factor by respondents — much like gold, bitcoin is a non-sovereign, decentralized medium of exchange.
"Baby boomers and Gen X'ers, who own most of the world’s wealth, are embracing the cryptocurrency revolution. This will serve to further bolster prices in the market in the longer-term," Green concluded.