Baby Boomers Jumping Into Crypto

Bitcoin has been catching the attention of all investors, including baby boomers, in the last 12 months, reaching a market cap over $1 Trillion and soaring over 800%. Many are wondering how much this historic run can continue. The answer may lie with an unexpected group: Baby Boomers.

A recent global poll conducted by deVere Group, an independent financial advisory organization, suggests that 70% of people aged 55+ are already investing in crypto or planning to do so in 2021. The key driver for Boomer interest in Bitcoin is the $9 Trillion dollars that have been printed in the last year (not including the $2 Trillion Proposed Infrastructure Bill) in an attempt to boost the US economy following the repercussions caused by the  COVID-19 pandemic. Many of them are aware that more money in the market devalues traditional currencies, which leads them to seek alternatives. 

While Millennials account for 35% of the workforce, Baby boomers control nearly 53% of the nation’s wealth, so a push from this demographic can bring large sums of money into Bitcoin and other crypto currency investments. Most of this investment will be funneled through large wealth management institutions such as Morgan Stanley, who, in March 2021, announced they will offer Bitcoin investments to a select number of clients. JP Morgan states that more than $1.5 trillion could flood into bitcoin from wealthy clients of investment banks, as Bitcoin investments become more accessible. If Baby Boomers continue to embrace the cryptocurrency revolution, we could see another bull run for Bitcoin this year.

Sources: App Developer Magazine, Yahoo Finance, Bitcoin.com, CNBC

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