Bitstocks’ crowdfund at 160% overfunding with 1,100 investors
It’s been said that generations are shaped by the economic circumstances under which they reach adulthood.
For Millennials, the 2008 global economic crash, and the following recession, strongly impacted their attitudes towards not only their personal finances, but also the bodies and institutions responsible for managing those finances. For many, it’s a simple case of cause and effect - banks caused the financial crash; therefore, banks are no longer trustworthy. Throw in being the first age-group to grow up with the Internet, and the disrupter mentality is born.
This mentality is a perfect match for fintech companies looking for investment and in particular for Bitstocks, who sit at the intersection of the Venn diagram between technology, personal finance and bitcoin. As they moved into 160% overfunding by week two of their crowdfund, via investment platform Crowdcube, Bitstocks is currently experiencing the striking impact of Millennial investors.
A breakdown of pledged investment so far has revealed that the most engaged investors are 31 - 40-year-olds - with 36% of the total investment coming from this age group, followed by 18 - 30-year-olds at 27% - which also encompasses the upper end of Gen Z. Interestingly, Crowdcube data has also confirmed that this is a higher-than-average percentage of investors for this age range, compared to other projects categorised under ‘alternative finance’ hosted on the site*. So what is it about Bitstocks campaign that has Millennial investors so engaged?
Bitstocks’ pitch for their bitcoin-based financial ecosystem Gravity, is centred on their aim to bring transparency to the world of finance through public ledger technology. One aspect of how they intend to enact this is a proof-of-solvency feature, which would allow customers to verify funds held within the company, at the touch of a button. It’s clear from the investor statistics that this promise of transparency has aligned with Millennials’ expectations of how new financial institutions should operate.
Of the investment insights, CEO, Michael Hudson, says:
“It's both humbling and satisfying to learn that Millennials, our key demographic, have resonated with our brand mission. The Bitstocks team are a group of individuals in the same age categories (Millennials and Gen Z), experiencing the same challenges and actively building towards change. We view it as our collective opportunity and responsibility to create a better financial foundation for the generations that follow.”
Bitstocks’ pitch is live until Monday 08 February and can be viewed via the Crowdcube website.
*Source: Crowdcube statistics for age ranges investing in ‘alternative finance’ taken on 14 January 2021, 25 - 34-year-olds, 28.4%, 35 - 44-year-olds, 16.3%