Bitcoin financial services firm River Financial says an elusive demographic of investors is starting to invest in BTC.
This year, River Financial says baby boomers are showing significantly more interest in cryptocurrencies. The firm says it saw a two-fold increase in its client base for each month in 2020 driven by new cryptocurrency investors over the age of 55.
The firm’s average monthly volume of Bitcoin transactions also rose by 80%, with boomers accounting for 77% of the volume growth since March.
Baby boomers, who were born anytime between 1946 and 1964, currently hold more than half of household wealth in the United States. In 2019, a survey showed that only 29% in this age group think that crypto will be widely accepted in the next decade.
River Financial chief executive Alex Leishman says Bitcoin has become increasingly accepted as an asset class. In May, hedge fund legend Paul Tudor Jones revealed he is buying Bitcoin as a hedge against inflation, and even compared the king coin to the gold trade in the 1970’s.
In an interview with Bloomberg, Leishman also partly attributes the growth of the firm’s BTC transactions to the Fed’s unlimited money printing policy.
“The surging activity we’ve seen since the beginning of 2020 has been in part inspired by the Federal Reserve’s unprecedented monetary intervention.”