#CryptoCurrency / Behind the Cryptocurrency Buying Frenzy

Starting in February, trading volume hit a new high… a new study from Cornerstone Advisors revealed that 15% of American adults now own some form of cryptocurrency with just over half making their first investment in the first six months of this year…

Millennials (26 to 40 years old) comprised 57% of the consumers buying cryptocurrency in 2020 with Gen Xers (41 to 55 years old) accounting for 30%;

Square has benefited from this this surge in crypto trading with bitcoin revenue for their Cash App growing to $306 million in Q1; with the OCC last week announcing support for crypto custody services there is a real opportunity for banks to provide Bitcoin wallets and other cryptocurrency trading services as a way to differentiate their services.