Grab your seed phrase, Boomer! Let’s make sure your digital wallet is secure.
Cryptocurrency, at its heart, is a technical beast. The defi space may have scared off older would-be investors because it seemed complex and overwhelming. They didn’t trust it.
This is changing, however, and reluctant investors are starting to step up.
When Bitcoin surged in 2021, the Boomer generation (ages 57-75 years old) began to take notice. Once Morgan Stanley opened cryptocurrency investing to its wealthier clients in spring 2021, Bitcoin appeared to gain legitimacy among an older generation.
Eric Adams (age 61, boomer), mayor of New York City, announced that he would take his first three paychecks in cryptocurrency, Bitcoin, and Ethereum. A move like this sends a clear message to an entire generation that crypto is the future.
Mayor Adams understands the power of cryptocurrency and its positive impact on his city. He’s not alone.
Mayor Francis Suarez (age 44, Gen X) has made strides toward making Miami the crypto capital of the United States, and he’s well on his way to succeeding. While Suarez is closer in age to Millennials (ages 26-41), he took a risk doubling down on crypto adoption.
Spoiler alert: it’s paying off.
Young men showed up early to the crypto party: 43% of men ages 18-29 (mainly Gen Z.) say they have invested in or use some form of cryptocurrency.
It makes sense that they would. They’ve grown up with technology, so throwing money down on virtual money doesn’t seem confusing or risky. More than that, SHIB looks like fun.
While cryptocurrency is still in somewhat of a purist and tourist phase, older generations are perking up and looking to invest.
In August 2021, Cointelegraph noted an uptick in Australian Boomer users of the crypto exchange BTC Markets.
“BTC reported a 15% increase in the number of investors over 65. The report also indicates that they are the group making the largest deposits.”
It makes sense that their ears would begin to perk up.
Boomers have benefited from low-interest rates and inflated housing prices, which increased the value of what they own. Over the past twenty years, boomers have grown more affluent, and younger generations have lost wealth.
This serves as another reason, perhaps, why Millennials are taking a risk on crypto. They lack the capital to buy real estate. They don’t plan on staying at one job for thirty years and settling for a comfortable retirement. Bitcoin is an interesting alternative investment that could pay big dividends.
Boomers are following in the footsteps of the younger generation. Now that they see the potential to increase their wealth, they don’t want to miss out on an opportunity that could reward them handsomely. With rapid cryptocurrency adoption in traditional invest firms, they don’t even have to get out too far out of their comfort zones to participate.
While cryptocurrency remains predominantly a young person’s game, older generations are ready to play. Make some room at the table, Millennials! Boomers would like a seat.
About Kit
Kit Campoy is a former retail professional turned freelance writer. She writes about Leadership, Retail, and Web3. Contact Kit for your content needs.