Move Aside Millennials. Baby Boomers Won’t Be Left Behind In Bitcoin Adoption
Millennials and Generation Z are those with the highest stake in the cryptocurrency market, but new research has shown an increasing interest from baby boomers.
Baby Boomers Are Becoming Increasingly Interested In Bitcoin
New research conducted by Australian cryptocurrency exchange BTC Markets revealed that an increasing number of baby boomers are entering the cryptocurrency market. They are gaining exposure to BTC at a fast rate, the research revealed.
According to the research, BTC Markets has experienced a 15% increase in the number of investors aged 60 to 65 and those above 65. The cryptocurrency exchange said more people within that age range are entering the crypto market and gaining exposure to BTC and other digital currencies.
BTC Markets said thanks to the surge in the number of baby boomers, they now comprise 5% of its total 325,000 customer base. The CEO of the cryptocurrency exchange Caroline Bowler stated that young male traders are no longer in control of the market, with the generation Z and baby boomers taking the first and second spot on the platform.
The cryptocurrency exchange said more than a quarter of its users are those aged above 44, and they have more money to invest in the market. BTC Markets said the baby boomers have the highest average initial deposit at $3,200, with an average crypto portfolio of $3,700.
Bitcoin has become an alternative investment vehicle
Bowler pointed out that the current low-interest rates are a crucial factor behind baby boomers adopting Bitcoin as an alternative investment vehicle. She added that the baby boomers have acquired wealth and assets over time and are not worried about allocating a small portion of their portfolios to BTC and other cryptocurrencies.
Bitcoin has been performing well in recent days. The leading cryptocurrency is up by less than 1% and is currently trading around the $48k mark. BTC looks set to surpass the next resistance point at $50,000, which could set it up for higher gains close to the $51,500 region.