Demand from baby boomers is generating most of the growth for San Francisco’s Bitcoin broker (BTC), River Financial.
The Paul Tudor Jones Effect
Most surveys conclude that younger generations are more reciprocal with Bitcoin, making these data seem counterintuitive. The company’s co-founder and CEO, Alex Leishman, told Bloomberg that Bitcoin is becoming a bigger company and many investors are following in Paul Tudor Jones‘ footsteps.
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The older generation has all the money
Many analysts have noted this year that institutional interest in Bitcoin is on the rise, with Grayscale alone absorbing much of the newly mined supply.
U.S. Age Distribution of Wealth
Wealth Distribution by Age in the U.S. Source DQYDJ.
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Although the high levels of adoption of cryptomonies by millennials bodes well for the future of the industry, the key to asset appreciation may be acceptance by older generations. The budgets of this older age group have, on average, 10 to 30 times more wealth than the millennial population. If the data reported by River Financial is indicative of the industry as a whole, it may be wise to expect positive dynamics in cryptomarkets.