Boomers, Gen X-ers getting into crypto

1 min read

Nearly half of all baby boomers and Generation X already own cryptocurrency or intend to buy it before the end of 2022, according to a new survey as the prices of Bitcoin and others including Ethereum, dipped this week due to inflation concerns and the policies of central banks to try and tame it.

About 48% of the 700-plus deVere Group clients polled said that they already had exposure to crypto or that they are actively planning to invest to some degree in digital currencies before the end of the year.

“The survey confirms that older generations are increasingly recognising the massive potential of cryptocurrencies,” said deVere’s CEO and founder Nigel Green.

“It’s easy to assume that it’s just ‘digital native’ generations who are investing in digital assets, but this is not the case. Baby boomers and Gen X are becoming ever more aware of the intrinsic value of digital, global, borderless, tamper-proof and unconfiscatable currencies in an increasingly tech-driven and uncertain world.”

Future of finance

Green explained that like the growing number of institutional investors – including pension funds, mutual funds, investment banks, commercial trusts and hedge funds – these older generations are starting to acknowledge that crypto is the future of finance and they don’t want to miss out.

“We expect that many boomers and Gen X are increasing their exposure to crypto as part of a wider retirement planning strategy,” he said.

“Why? Because not only is Bitcoin already the best-performing asset of the decade, it will, due to its fixed supply, only continue to appreciate over the long-term.

“In addition, crypto exposure can typically deliver a legitimate diversification tool – which is how investors can seize opportunities and mitigate risk, especially during periods of higher volatility.”

However, Green warned that the sector is still highly speculative.

“As this year has proven again, the crypto market remains known for its volatility.  Therefore, retirees or those on the cusp of retirement need to bear this in mind and not over-commit, as this could put the wider retirement strategy in jeopardy.

“The best way to benefit from the huge potential of crypto is to seek professional advice,” he concluded.