Crypto Cash: How Boomers Are Cashing In on the ‘Trump Pump’ Trend!

Miles, a 37-year-old NHS doctor hailing from London, has been on a mission for years to get his friends on board the crypto train. And now, thanks to the explosive “Trump pump” boosting crypto prices, they’re finally paying attention, watching with a mix of envy and frustration as his bold bet pays off spectacularly. “I can’t blame them,” he chuckles. “They’re seeing my gamble turn into gold.”

With a jaw-dropping crypto portfolio now valued at £2.3 million—despite withdrawing around £600,000 earlier this year for a new house—Miles reflects, “This journey has set me up for life.” He took the leap with just £4,000 in bitcoin back in 2012. “Sure, it swings wildly—sometimes hundreds of thousands a day—but I’ve weathered the storm.”

Miles is just one of many everyday folks who have transformed into retail investors in the crypto realm, sharing their stories of triumph and turmoil with the Guardian. The excitement around buying digital currencies is undeniably on the rise!

As bitcoin hits a record-breaking price of over $97,000 (£76,500), many investors believe Trump’s presidency could usher in an era where cryptocurrencies are recognized as legitimate, mainstream assets. Interestingly, a recent Financial Conduct Authority (FCA) survey revealed that 12% of UK adults now own crypto—no small feat!

Many new investors entered the crypto market in the past four years, leveraging extra funds saved during Covid lockdowns, thanks to user-friendly apps and platforms that have simplified the purchasing process.

A notable shift is underway, as professionals from various fields—teaching, banking, healthcare, and IT—are now diving into crypto, moving away from the image of the stereotypical “tech bro.” For many, these investments represent their best shot at building significant personal wealth.

A wave of middle-class investors are abandoning traditional systems, seeking refuge in crypto to achieve life milestones like buying a home, starting a family, or traveling the world.

Take Julian, a 57-year-old draughtsman and father of four from Nottingham, for instance. He decided to invest in bitcoin as a hedge against soaring inflation. “With interest practically non-existent on my savings and the value of my money dwindling, I knew I had to act.”

Julian made the leap with most of his savings. “Sure, the price plunged, and I lost 50% for what felt like ages, but I held steady because I knew this was just part of the ride,” he recalls.

Fast forward four years of strategically “buying the dips,” and Julian’s bitcoin stash has thrived. “I don’t plan to sell; it’s my kids’ inheritance now. How much bitcoin do I have? Not enough!”

The bullish outlook continues, with many hoping bitcoin will soar to unprecedented heights of $120,000 or more by early 2025. “If the U.S. takes the plunge and adopts bitcoin as a treasury reserve asset, we’re talking about rocket fuel for prices,” a Dublin solicitor reflects, whose €40,000 investment recently ballooned to €62,000.

Silas Gunn, an 18-year-old from North Yorkshire, echoes this optimism. Having dipped his toes into bitcoin three years back after discovering it on YouTube, he shares, “I’ve invested about £5,000, and now my portfolio sits at around £95,000. I’m setting my sights on hitting £500,000 by the end of bitcoin’s current four-year halving cycle.”

Many crypto enthusiasts eagerly anticipate a shift in regulatory attitudes towards the industry with Trump’s return. They hope to see an end to the SEC’s “regulation by enforcement” method that has stifled innovation.

Claire, a 50-year-old nurse from New Zealand who ventured into crypto a decade ago, admits her mixed feelings about profiting from Trump’s election win. “While my wealth has definitely surged, I can’t shake the feeling of guilt—as if I’m benefiting from dirty money,” she confesses.

While Claire recognizes the potential of crypto as a decentralized financial revolution, she’s contemplating cashing out soon to invest in real estate. “I’ve had a blast with it, but I need to get practical now,” she acknowledges.

Claire observes that the face of the average crypto investor has evolved dramatically. “It’s astounding how many healthcare professionals are getting into crypto. In today’s landscape, making this kind of wealth is a challenge without it.”

While countless amateur investors like Claire are basking in their crypto gains, others have faced the harsh reality of losses.

Meet Mark, a cycling instructor from northern England, who began his crypto journey in 2013. “The traditional finance world’s gradual acceptance of bitcoin boosted my confidence,” he recalls. “But boy, did I make my share of blunders—crypto theft, hastily selling, then rebuying at inflated prices. Finally, I decided to leave it alone, and that turned out to be the smartest financial move I’ve ever made.”

Many respondents emphasize that a solid understanding of blockchain technology and the crypto landscape is crucial for successful investing, while others chalk their success up to sheer luck.

Take Mitchell from Minnesota, a tech professional earning $100,000 a year. He snagged 16,000 Dogecoin, dubbed the “people’s crypto” by Elon Musk, for just $1,300 between 2021 and 2022. Today, that investment is valued at around $6,000.

“I thought if it ever hit $100 a coin, I’d be sitting on a cool million,” he admits. “Now, with my deeper understanding of crypto, I realize that’s unlikely to happen.”

In December 2023, after watching real estate prices skyrocket faster than he could save, Mitchell took a bold gamble and bought a single bitcoin for $42,000. In less than a year, his investment has more than doubled in value, now sitting at $90,000.

Despite fears of an impending crypto crash, Mitchell has opted to hold onto his investment for now. “I’m riding this wave, hoping analysts are right about bitcoin hitting mid-$100,000s by 2025. If that happens, I might finally afford that dream home.”