New Gold IRA Guide Study Shows Retirees Are Not So Fond of Bitcoin and Cryptocurrencies (Yet)
A new study by Gold IRA has revealed that major cryptocurrency is not a popular choice among retirees and people of higher age brackets as opposed to younger investors.
What is Bitcoin Again?
It is 2019, ten years after Bitcoin emerged in all its promise, and there are several who have never heard the word ‘Bitcoin’ let alone even begin contemplating investing in it.
In a new survey by Gold IRA that interviewed 1000 respondents who were all retirees, the older age bracket was not so much a fan of BTC and don’t even know what it means—a variation of BBC? They didn’t know.
The survey was done via the popular Google Survey and was carefully targeted at retirees in the United States who were older than 50. The results showed that not even one in 30 US citizens older than 50 owns or traded in Bitcoin, this is assuming the survey is fairly represented.
More than half of the respondents, however, noted that they had heard of Bitcoin before and were aware of the cryptocurrency.
The graph above shows that about one in three respondents older than 50 do not even have the least idea what Bitcoin is, therefore the concept of digital currency and virtual assets is completely strange to them. While 56.7 percent of the respondents admitted to being aware of Bitcoin, only 2.7 percent indicated that they have some portion of the digital currency.
Now that the IRS has approved crypto retirement plans, this might be the perfect time to educate retirees on the unique advantages that only digital currencies offer. An excerpt from Gold IRA read:
“The IRS has recently placed a stamp of legitimacy on the cryptocurrencies by approving several of the new Cryptocurrency IRAs. Ultimately, retirees will have to decide like the younger investors if this new highly volatile investment should have its place in their retirement account.”
Why Nothing Could be Better than Going Crypto
The crypto space has had its share of myths and an uninformed cloud hanging over it for years now, as there are still a good number of middle-aged and older adults who believe that Bitcoin could be no better than gambling.
Not only is this so far from the truth, but the crypto space also offers a unique set of benefits and advantages to the average retiree that would not be gotten elsewhere.
The main benefits of cryptocurrencies as an IRA are the fact that it is an unrivaled government edge, and also has better long term prospects. Bitcoin is decentralized and cannot be controlled by the US government and or Federal Reserves, something bonds and stock markets are prone to.
If anything qualifies Bitcoin, it is the awesome long-term prospect; if a retiree is not tapping into the wealth and ingenuity of a Bitcoin IRA, they could use some positive education.
You can read the full study here: https://goldiraguide.org/new-survey-reveals-american-retirees-currently-have-a-negative-outlook-on-bitcoin/