Baby boomers and Gen X are investing in bitcoin and other cryptocurrencies.
The observation from Nigel Green, 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 dipped, and the bitcoin market is currently worth around $900-billion.
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, among 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.”