Crypto Adoption: Older Investors Turn To Cryptocurrency, Says Report
A new report shows that crypto investors are, on average older than they were a few years ago. Could this be a sign of the growing adoption of cryptocurrencies globally?
Older investors take to cryptocurrency
There is a conception that cryptocurrency has more adoption among young people who are likely to be aware of the technology. This trend appears to be changing in recent years as Bitcoins gain mainstream popularity.
A recent report on the adoption of cryptocurrencies published by crypto exchange Wirex and the Stellar Foundation confirms this trend. It is worth noting that the poll only surveyed Wirex and Stellar users. However, we can get a general idea of the current trend as almost 4000 people from 89 countries were surveyed.
The report revealed that most people who confirmed owning cryptocurrencies were between the ages of 45 and 54. This was followed by investors between the ages of 35-44. While surprisingly, investors within the ages of 25-34 came in fourth behind investors within 55-64 years. It further stated that although one of the barriers to cryptocurrency adoption is older people’s reluctance to use new technology. The reality does not appear to be the case.
The report also notes that while investors are now familiar with cryptocurrencies, many don’t know stablecoins. About 75% of respondents claimed to have never heard of the term ‘’stablecoins. This increased percentage increased to 82% for respondents above 65 years. Therefore, the report concluded that the growing adoption of cryptocurrencies by an older population was good for its legitimacy.
Bitcoin driving crypto adoption growth
Leading coin Bitcoin is the major driver of engagement within the crypto world and the mainstream financial sector. Its recent price rise from $3,400 last March to a record height of $42k recorded in January was captured globally.
Several financial institutions have also added credence to cryptocurrency by accumulating coins in huge trust portfolios. Grayscale and Microstrategy are examples of two firms that control over $1 billion worth of crypto assets.
At the moment, Bitcoin is accepted by thousands of businesses globally, and this has caused a ripple effect. Other currencies like Ether and Litecoin have basked in bitcoin’s popularity and gotten adoption in several sectors. 2021 promises to be a year where crypto adoption hits unprecedented levels.