Market indicators and data records from industry insiders indicate that investors’ attention toward cryptocurrencies, most importantly toward bitcoin, has surged since the market has recovered from the March crash.
According to a report from Mode, a Bitcoin mobile trading app, UK investors, Baby Boomers, and Generation X, are extensively investing in Bitcoin. The chart shows a significant increase in Bitcoin investments throughout the COVID-19 pandemic.
Overall Bitcoin Investments Are Surging Amidst The Pandemic
Crypto experts believe that amidst the economic downfall investors are exploring the crypto market to broaden their portfolios.
The data shows a 2.24x increase in crypto investments from February to March, almost every month doubled ingrowth as bitcoin investment spike jumped 8.88 times from February to May.
We believe these to be very interesting findings, and although the reasons for this could be manifold, they could potentially reveal an unprecedented change in the way investors think today, as a result of the global pandemic
– stated Janis Legler, the CPO of Mode Banking and further commented:
Bitcoin is becoming popular among all age groups and is being endorsed by more mainstream investors every week. We expected Millennials to continue buying into cryptocurrencies, but to see more experienced investors also become increasingly interested in Bitcoin is extremely promising for the growth of the industry
Moreover, the blog post also revealed that Millennial and Gen Z interest toward bitcoin investment increased almost by 100%.