People over 65 having most of wealth in US

[BenjaminGlover]

People over the age of 65 accounts for 76 percent of all wealth in the United States.

Consider where the crypto markets will be when the younger generations that have grown up with cryptocurrency reach the age of this group...

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[Tytanowy Janusz]

People over the age of 65 accounts for 76 percent of all wealth in the United States.

Consider where the crypto markets will be when the younger generations that have grown up with cryptocurrency reach the age of this group...

What part of this wealth is locked in illiquid assets - big house in a quiet, peaceful neighbourhood? All this data shows "net worth" (houses, flats, cars) not money that someone is willing to gamble on highly volatile asset.

Speaking of gambling on highly volatile asset - the best way is to do it using someone else money. Just like microstrategy is doing it. Dead company whose annual profits are barely enough to pay off the interest on the debt is able to gain bilions to invest in bitcoin making a this deal with ... i dunno who  - if bitcoin pump we will pay you 6% profit of your investment if bitcoin will dump we will declare bankruptcy and you will loose your money. Who TF is buying theirs corporate debt papers instead of bitcoin directly?

Nevertheless ... imagine this:

Bitcoin just started to eat its portion of corporate debt bubble cake

[pinggoki]

Not every person at this age that has knowledge of crypto will become billionaires like those old capitalists, some of them might plateau along the way and some might quit in crypto altogether. And the one's that's going to get successful are the ones that will be able to gain a lot of successful investments.

[franky1]

What part of this wealth is locked in illiquid assets - big house in a quiet, peaceful neighbourhood? All this data shows "net worth" (houses, flats, cars) not money that someone is willing to gamble on highly volatile asset.

yep, agreed

a 15yo is ofcourse not going to have anything..
never working = no savings at all.. no car. not even started a mortgage let alone able to pay it off

someone thats ~35 is still paying off their mortgage so even if they live in a $300k house. they dont own all $300k of it
also the 35yo has only worked for 15 years so has small amount of savings and small amount of pension invested.

as soon as someone is ~65. they are:
at full allotment of pension(havnt started spending it yet)
just about still working so still income coming in
would have paid off the mortgage so would now be at full asset allotment of that.
and worked 45 years to have got alot of savings..

however.  that number 65. its the peak of the mountain. .. and next comes the drop off
as they get older beyond 65 their wealth decreases. because money is going out but no money is coming in.
reaching 70. their savings and pension start to decline more noticeably as they start to spend it.  
less mobility means house goes into disrepair and that value shrinks too.
too old/feeble to drive, so gets rid of the car.
needs extra care/nurse support so surrenders house over to a retirement village community manager

people spend 45 year trying to climb the mountain to reach that golden mountain tip.
but within 10-20 years they are not only back at ground level. but can be 6 foot below ground level

[Leviathan.007]

That's probably right, we cannot expect someone above 65 to start learning about cryptocurrencies and start learning about new technology and that's normal however there are still a few old people who are interested in new technologies, on the other hand, years after years when you get older you can take less risk and usually, people when they get old they do not have interest in investing the money instead they try to have FIAT currencies, especially in cash that's maybe the reason to say why people above 65 got most of the wealth in the USA.

[nakamura12]

That's probably right, we cannot expect someone above 65 to start learning about cryptocurrencies and start learning about new technology and that's normal however there are still a few old people who are interested in new technologies, on the other hand, years after years when you get older you can take less risk and usually, people when they get old they do not have interest in investing the money instead they try to have FIAT currencies, especially in cash that's maybe the reason to say why people above 65 got most of the wealth in the USA.

Right but we don't know that some people above 65 might learn cryptocurrency when they knew about the cryptocurrency and become interested in the technology even if it existed for years or other new technology now but most of people at that age would fit what franky1 have stated which the money going in is decreasing so getting rid of personal belongings to have money which will be needed for important matters.

[Captain Corporate]

 I am not really that much shocked about this. You build wealth the longer you live, at least that is the case for majority of the people, and you are also inheriting everything from the previous generation as well. Which means that you will grow a lot of wealth when you are over 65. This is also the case for the previous generation and will be so for the next generation and so forth like that forever. You can't expect a 20-30 year old person to have as much as a guy who worked maybe 50 years and also got the assets from their parents who passed away after working 50 years themselves, thats 100 years worth of work and investments on a single person, versus a person who worked maybe 10 years and haven't inherited anything just yet.

[dothebeats]

Well they worked hard for it at the least, so it's not really that much of a shocker to know that they are the group that holds majority of the wealth in the country. Soon, those assets will be transferred to their family, perhaps someone younger than them, and the wealth transfer continues. Crypto gave a chance to the younger generation to amass wealth early on and be expert investors at a young age. Give it a few years and those new money will grow old too, and becomes part of the statistic of old people owning most of the wealth in the US.

[mobilestrike]

People over the age of 65 accounts for 76 percent of all wealth in the United States.

Consider where the crypto markets will be when the younger generations that have grown up with cryptocurrency reach the age of this group...

Yeah and it still will work on the market when all of the youngsters who know cryptocurrency tell them about investment in crypto and will tell them the benefits of their investment in crypto. It is sure that the market will get a high value with their investment and their next generations will also get a profit multiple times than the current value of their wealth.

[The Sceptical Chymist]

People over the age of 65 accounts for 76 percent of all wealth in the United States.

Consider where the crypto markets will be when the younger generations that have grown up with cryptocurrency reach the age of this group...

OP, both of these statements almost seem to be complete non sequiturs.  The first sentence about wealth being concentrated in the senior citizen population shouldn't cause any alarm.  Unless you're a person who made their fortune early in life (or inherited it), the tried-and-true method for accumulating vasts sums of wealth is to do it over a very long time period.  So who would the richest folks be?  Yeah, the boomers and whatever generation Warren Buffett belongs to (don't crucify me if he's a boomer; I'm too tired to check).

The second statement begs the question "Just where are the crypto markets going, and in what state will they be once the average 21-26 year old shitposting bounty hunter that makes his/her living from bitcointalk reaches retirement age?".  Nobody's got the scoop on that, so it's pointless to even write something like that.  There are no guarantees bitcoin or any other crypto will be around in 40+ years.

[Jawhead999]

If you create thread from an article, make sure you included the article too [1]

Become 65 years old people wouldn't automatically make you rich, it's based on your hard work from your young age to matured. It's doesn't make sense at all, some young people under 20 years old can become a millionaire too and doesn't need to wait until 65 years old. Also if those millionaire young generations already reach 65 years old, it doesn't mean they will buy Bitcoin as much as he can... they will invest what make they become rich.

[1] https://www.cnbc.com/select/average-net-worth-of-americans-ages-65-to-74/

[Gyfts]

Why is that an issue?

Younger people are lower on the economic ladder due to lack of education and experience, and as their live progresses, they gain more education/experience, and therefore are able to gain more wealth over time worked. Bitcoin disrupts this by giving younger people more economic freedom, but even in a Bitcoin based economy, wealth inequality will exist with the wealth disproportionately attributed to people that are older and have worked more. Again, that's by design.

[adaseb]

I am not surprised by this. Boomers have very big retirement portfolios, many in the 7 figures. And most boomers have houses which are paid off which they bought for maybe 5% of what it’s worth now.

Now take some new grad. Tons of debt. Job doesn’t pay much due to no experience. Has loans and most likely can’t get a mortgage because doesn’t have down payment.

[Darker45]

If you'd like to hear what you want to hear, yes, part of this wealth will probably go to crypto. The older generation who's not too involved and aware of the nitty gritty of crypto would definitely avoid investing in crypto-related businesses. People naturally wouldn't invest in things they don't fully understand. The younger generation, on the other hand, who has seen the rise of crypto and foresees a brighter future would be risking their wealth on crypto-related businesses because they see it as the next big thing.

That's how wealth shifts from one generation and trend to another. There was a time the richest persons were those who are involved in oil and cars and steel and then the trend changed and the richest persons are the ones who are involved in the internet and e-commerce and telecommunication. So perhaps the next trend would involve crypto.

[laredo7mm]

People over the age of 65 accounts for 76 percent of all wealth in the United States.

Consider where the crypto markets will be when the younger generations that have grown up with cryptocurrency reach the age of this group...

This is the scenario of the whole world where 10% of people hold the majority of the wealth. It's obvious that there are too many wealthy people that are old. All these people work their entire life to expand their business which pays off in the way they become mature. Everyone doesn't have the luck to be wealthy in his early ages. Today's young generation who have managed to enter the crypto market early could enjoy the same lifestyle too.

[molsewid]

I am not surprised by this. Boomers have very big retirement portfolios, many in the 7 figures. And most boomers have houses which are paid off which they bought for maybe 5% of what it’s worth now.

Now take some new grad. Tons of debt. Job doesn’t pay much due to no experience. Has loans and most likely can’t get a mortgage because doesn’t have down payment.

Me either I am not suprised by this because these people who aged 65 years old have the most wealth or been saved already a good amount of money for their retirement. They are the type of people who work their entire life to earn money, build empire or create business so that they will be retired on their early age and enjoy life. But now, the time has changed though business is still relevant the case is that younger generation have the high chance to get wealthy because of the use of technology and especially cryptocurrency.

[Cling18]

People over the age of 65 account for 76 percent of all wealth in the United States.

Consider where the crypto markets will be when the younger generations that have grown up with cryptocurrency reach the age of this group...

Those elderly people have invested most of their life in working so they have earned enough wealth to sustain their living but due to their age, I don't think they would still be able to learn about cryptocurrency since most of them aren't techy anymore. I guess the most effective way is to have them guided when it comes to crypto investment by their trusted family members.

[palle11]

People over the age of 65 accounts for 76 percent of all wealth in the United States.

Consider where the crypto markets will be when the younger generations that have grown up with cryptocurrency reach the age of this group...

You can be correct and in fact it could be in many other country like that but however I can ask where did you get your statistics from to back up your claims. Such kind of information require source for further knowledge and research.

Well again the reason for that is because wealth in time past was built either from history of the family lineage and their fathers which people say someone is born into royal family or with a silver spoon. Also it was from hard labour and work, also with planning, investment and embezzlement of public money.

We are going to see changes in the age of being wealthy soon with cryptocurrency investment by the youth.

[kryptqnick]

This is interesting data, I didn't know that. In my country and the neighboring ones, there's a strong idea of poor elder people, which is largely true because their pensions are lower than the money they actually need to survive, and they don't usually work because they're old. So I'm surprised the situation is so different in the US. I wonder, though, if this wealth is related to their lives (working while being young and saving up), due to the economy flourishing lately (so, basically, due to the current workforce), or due to inherited wealth. It's also worth noting, I think that while millennials are earning 20% less than boomers, while Zoomers are doing quite well and are expected to take over the economy soon. I don't think cryptos play a major role in all this, though, because they are largely not part of the main traditional economy.

[fiulpro]

The fact is the generation wealth have been passed down to centuries but that only a small fraction of population, with people being over 65, they have already worked hard their entire life and they have saved up a lot as well, thus making everything quite positive for them. On the other hand right now in the middle of the pandemic and the collapsing economy, we cannot really show a light on the people who are struggling to make things work, where countries even ban them for protesting and take over their bank accounts, we don't really have anything to say here. Cryptocurrencies are soon going to change much more than that, early investors have gained quite a solid ground perse.