[2017-09-13] Meet The Millennials Saving For Retirement Using Bitcoin

[gokayc]

From billionaire investor Mike Novogratz to celebrities like Ashton Kutcher and Paris Hilton, bitcoin is increasingly becoming part of a mainstream investor’s wallet. It made bonafide millionaires out of those who took a bite early, and while discussions about the concept of an unregulated digital payment system rage on, there are a group of millennials who are thinking about a cashless future — and putting their money where their thumbs are.

They’re part of a different 1%, the small number of Americans who’ve not only heard of bitcoin, but are buying, selling, and trading it on their smart phones and laptops. What’s more, some millennials are using bitcoin as the basis for their long-term savings. And experts say that could shake the foundation that this country’s financial institutions have built their empires on.

Roshaan Khan, a 20-year-old senior at Virginia Commonwealth University, is one of those millennials. Khan recently invested in bitcoin and ethereum — another form of cryptocurrency — and is encouraging his friends to do the same.

“All of my net worth is in cryptocurrencies, because I see them as the best way to escalate my ability to be financially secure and pay off my student loans,” Khan said. “I like the idea of decentralization, the fact that there’s a lot less corruption and political ties. That idea appeals to me … Not having to go through banks. Having financial control over our lives again.”

Andreas M. Antonopoulos, the author of Mastering Bitcoin and The Internet of Money, is familiar with this mistrust. He says that the concept of money on the internet isn’t only obvious and appealing to millennials — it’s the one system, he argues, that hasn’t betrayed them.

“When you talk to millennials who have been thoroughly disappointed by every single social institution -- the government, the church, the politics, the parties -- they can’t trust anyone anymore,” Antonopoulos said. “They remember 2008, because it was the first big crash they’ve had, and many millennials have been unable to find work. They watched no bankers go to jail.”

Now that it’s time for them to start pushing around coins, millennials are choosing to do it digitally -- and on their own terms.

“It feels better to run my own savings plan by investing and reinvesting in new technology,” said Emil Thorsplass, a 24-year-old musician from Norway. “I still have my regular pension fund and my bills still have to be paid through a bank account, but cryptocurrency investments have become a central part of saving for me.”

https://www.forbes.com/sites/dianacrandall/2017/09/13/meet-the-millennials-saving-for-retirement-using-bitcoin/#3635ec0b49ae

[aso118]

“All of my net worth is in cryptocurrencies, because I see them as the best way to escalate my ability to be financially secure and pay off my student loans,” Khan said. “I like the idea of decentralization, the fact that there’s a lot less corruption and political ties. That idea appeals to me … Not having to go through banks.

This is what I call a bad idea. Crypto currencies are a very volatile asset and can drop very sharply as well. If you have student loans and are leveraged, you should focus on paying that off, instead of speculating on Bitcoin. You might get lucky, but the risks are too high and definitely not worth it.

[Coin-Keeper]

The Millennials in my family are really taking notice of BTC.  I think a Millennial that could save up 10 BTC and then "forget about them for years" would end up very happy when they hit middle age.  I have stored up multiple for my dependents and they don't know anything about them, but they will get a nice surprise someday down the road.  I agree with some of the posts above this though.  Don't put all your eggs in one basket.

[jdarren]

I wish I got my hands on some bitcoin when in 2013...even if you just had 5, you'd be pretty stoked. This opens up a business opportunity for pensions and 401k plans with bitcoin. That would be cool

[NoMar02]

It is the moment when you can later look back and say "in the right place at the right time". 

[buwaytress]

Does anyone else feel old reading this as an ageing Gen Xer? I remember how the Internet felt so fresh, getting my first "online work" paycheck from USA and getting so many questions from curious bank tellers in my tiny hometown in Southeast Asia. They were envious, and everyone wanted to be in on whatever it was that was going on with the Internet. I can imagine the millenials in that situation now.

Of course, fast forward 20 years into the future and I'm a 90s has-been, shoving for space and recognition with people who learn twice as fast and need half the sleep I do. Well done, young 'uns.

[MissionPhailed]

Personally I'm kinda on the fence in this case. As a millennial (born halfway the 1980's) I suspect retirement funds are heavily depleted once I reach retirement age due to a significant ageing population in my country in the coming decades. However, even though Bitcoin has now been around for 8 years and now is bigger than ever, I'm still somewhat wary of a sudden collapse of crypto. Volatility through the roof and whatnot, and I'm not very keen to invest (a large part) of my savings into crypto. Instead, I'm slowly but surely gaining a small foothold in cryptoland without much risk.