The Boomer Crypto Boom: Why more retirees than ever are investing in cryptocurrency
26 April, 2021 | 5 MIN
The other day, a friend asked me, “Why are you into Crypto?” My reply was brief and to the point; because of Dacxi.
As a late Boomer, I like my tech kept simple, and Dacxi has made it easy for me to understand the complicated world of crypto. Their educational programs are simple enough for me not to tear my hair out at the ‘techie-geek’ stuff that’s on the Net. They let me learn at my own pace, and gain confidence in my crypto-currency knowledge. I’ve since invested in cryptocurrencies using the Dacxi Exchange, and I’m a huge advocate.
Why are so many Baby Boomers like me choosing to invest in crypto?
In the United States alone, around 3.4 million babies were born in 1946. The other half of this Boomer generation – often called the "Late Boomers" or "Trailing-Edge Boomers" – was born between 1956 and 1964 (I’m proudly one of them).
That means, right now, a huge number of Baby Boomers are either already retired, or fast approaching retirement age. And sadly, worldwide data shows that a large portion of this iconic generation are vastly underprepared for it. Many have insufficient savings and financial investments, which paints a scary picture of what should be a celebrated milestone.
Now, I’m not saying this is because Boomers have been irresponsible with their savings. For many, it’s because they’ve been caught in the middle of a number of world-changing events – including the 2008 Global Financial Crisis, and the chronically low-interest rates that came with it. Add in the recent massive COVID-induced stock market losses, and it’s no surprise that so many Boomers are experiencing a savings shortfall.
There are other elements in this mix, too. Boomers often have adult children who live at home, or who they help support financially. These days, people are also living longer – which means many Boomers are still caring for their parents, and contributing to the cost of old-age facilities for the foreseeable future.
All of this leads to the big question; who’s going to support them as they grow old themselves?
More and more Boomers are finding the answer in cryptocurrencies.
Michael Novogratz, a long-time Bitcoin bull and founder of Galaxy Digital, spoke about the crypto outlook in an interview at Reuters Digital Assets Week. He explained that, as cryptocurrencies become more mainstream, Baby Boomers will be the next generation jump on board. He estimates that this demographic could inject $1trillion into Bitcoin alone.
Boomers are open to change. They’ve been around long enough to see the rise and fall of economies, governments, and even countries. And now, many of them are starting to see crypto as an asset with high potential, and big benefits. Like the fact that there’s no middleman or financial institution to deal with. Or that their savings will be protected from inflation – brought on by irresponsible money-printing by central banks, in their attempt to hold up their economies in the ongoing aftermath of COVID.
With Dacxi’s help, crypto is easy to understand, and simple to invest in.
Crypto is an asset that can dramatically appreciate. It can protect your savings from the threat of inflation. And for the forward-thinking Boomer, it’s an absolute no-brainer.
So, back to my friend who asked me why I’d invest in crypto. I think the real question is… why wouldn’t I?