The study was conducted by asking 1000 retired Americans over the age of 50 a variety of questions relating to cryptocurrency and bitcoin, specifically to do with whether they would invest, or if indeed they had already invested in the new asset class.
A huge 3.2% of retired American already own bitcoin or cryptocurrency
The results were startling – 56.7% of those that responded said they were aware of bitcoin and cryptocurrency in general, but would not be interested in investing at that current time, while 2.7% reported that they already owned some amount of bitcoin.
3.5% of retirees said that they would in fact like to invest in bitcoin or cryptocurrency, but that they were unaware of how to do so.
While a larger 4.5% said that they were interested in this new type of digital currency, but had chosen to keep watch on the industry and wait before investing.
However, despite this good news for the awareness of cryptocurrency, a massive 32.9% of retired Americans still have absolutely no idea what bitcoin is.
What this means for cryptocurrency adoption
While the 2.7% of retirees that own bitcoin seems like a low figure on the surface, this is actually a huge figure when taking into account that keeping on top of the financial markets and upcoming disruptive technology isn’t something generally associated with those of retirement age.
The statistics on retirement in the US are quite shocking. According to an article by Cheatsheet, 1 in 3 Americans have absolutely nothing saved for retirement, and 76% of baby boomers aren’t confident that they’ve saved enough for their retirement years.
Cryptocurrency seems to be as appealing to the older generations as it is to the young – but for vastly different reasons. The young generally want to make a fast buck, whereas the elderly want to provide security for themselves and their families throughout their later years. The human desire for financial resources seems to be the same across the board, regardless of age.
7% of retired American declare bankruptcy
With 7% of seniors declaring bankruptcy, and an average of $245,000 USD spent on healthcare for the average retired couple, looking to cryptocurrency and bitcoin investment to solve some of these issues is, for many, a necessity as opposed to a dream of riches and wealth.
As time moves on the situation is predicted to get worse as well, with a decrease in social security of a huge 23% needed by 2033, and with 1 in 3 retirees entering retirement with existing mortgage debt that will last a long time into their later years, the need for consistent income is high.
Could cryptocurrency and bitcoin solve some of these retiree’s problems? Almost certainly. But of course the further the crypto markets mature, the harder it will be for anyone, millennial or baby boomer, to make serious money.
However in the meantime, the potential to generate serious income from cryptocurrency investing is still high enough for most.