Altcoins Talks - Cryptocurrency Forum
Further Discussions => General Discussion => Topic started by: cryptochris1 on January 16, 2019, 02:41:52 AM
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Where do the different generations stand on cryptocurrency and why.
Baby boomers are typically born 1940-1960, they have a hard time with cryptocurrency and hold the least amount statistically. Less than 7% of people over the age of 55 own crypto. They were hit the hardest during the Great Recession 2008-2010. A lot of them lost over 25% of their retirement accounts during those years and started looking at riskier investments to make up for the losses but overall they don't trust crypto. Most aren't willing to spend money on technology they don't understand.
Millennials take to crypto like a duck to water. Born into the cell phone and internet age, they trust technology and use it with no reservations. They are the biggest holders of crypto at around 24% of crypto owners are in their 20's. Another 20% are in their 30's. They were in their teens during the financial crisis and generally don't trust banks as a result and they watched their parents get destroyed by the crisis as well. Typically are aren't investing in traditional financial products.
Generation X, born between 1965-1980 are financially carrying the biggest burden. Typically shouldered with the most debt, between mortgage, credit cards, taking care of kids and aging parents. Almost 50% don't know how they are going to save for retirement and they see crypto as a perfect way to build a robust portfolio in a shorter amount of time. 34% of Gen X'ers polled own cryptocurrency or had owned at some point.