Crypto & Older Generation

[kentrolla]

We have often seen youngsters are more open towards crypto and adapting it wherein the older generation like the ones who are in their 40s and above are reluctant towards crypto and often term it as bubble or scam though they know that it's not a scam. Is it out of jealousy that they couldn't onboard into crypto at the right time hence bad mouthing it or else just that they are not ready to accept something knew as kids are becoming millionaire with crypto which was never case with any other asset hence this looks too good to be true for them.

Note: I am not saying everyone above 40 years are reluctant but it's just my experience and it might be related to certain geographical location or certain set of people. I am not generalizing it but share my experience. 

[DeathAngel]

I think maybe older people already have significant savings & pension funds etc. they use traditional brokerage firms with boring stocks and 401k packages. They don’t look for alternative investments because they maybe don’t need to, they are already financially sound. I wouldn’t say 40 is the cut off though, there are loads of people over 40 deep in bitcoin. It’s probably the over 60’s who are hesitant to get into crypto.

[jrrsparkles]

Crypto is new to them and obviously, we won't be shifting to a new money system over that we have been using it for centuries. It will take time for the adoption to happen and we are still in the process.

Another reason for not investing in crypto is the volatility that is very huge for an asset compared to traditional investments and investors who are successful stick to their ideas no matter what it is, that is why we see Warren Buffet is not into bitcoin even though all these hears proved he was wrong about bitcoin all the time.

[Y3shot]

I think the reason why the older people don't pick interest in new innovation like crypto is because they are not use to this trending things,  new innovation and   most of them have already gotten what they want in life like building houses , training their children,  money is not what they are after like the young people.  Like every young person is thinking of what can have add value to their life, what they will do that will bring money too them, this is the mindset of every young person. It is only few older people who understand where the world is heading to that picks interest fir things like cryptocurrency.

[bluebit25]

I understand that some issues in the cryptocurrency field have a lot to do with information technology, so it is also a barrier for previous generations when they are familiar with traditional field investments. Some of the cases that I come into contact with they have always maintained a stance of not using the internet and what seems to limit them to the things that are changing in life. Other than that it seems that the younger generation is living in the right atmosphere. In the context of social change with the technology sector, most young people easily learn quickly how to use and receive new knowledge, and it is easier to understand that when a field offers opportunities, it attracts them.

Although it cannot be said that all are the same, it is clear that the majority in each part is showing the right change and adaptation to the times. I can also sense how the older generations have a negative view of machinery, as it replaces their animals in the agricultural sector.

[Essential10]

Younger generations have grown up in the digital age, where technology and innovation are a central part of their lives. They are more likely to be familiar with the concept of digital currency and the underlying blockchain technology, making it easier for them to understand and adopt cryptocurrency. I think the younger generation is generally more open to new technology and more comfortable with mobile and online platforms. On the other hand, older generations may be more cautious when it comes to investing and may prefer more traditional forms of investing. Such disparities may not exist in the future as cryptocurrencies continue to gain mainstream acceptance, it is likely that older generations will become more open to the idea in their investment portfolios.

[Gozie51]

We have to understand that crypto is an innovation in the new age and those at the new age are the young and youth. They find it easy to understand what happens in the internet and digital world, accessing different applications and apps is not a problem but the old especially those at 55 above don't understand much of internet workings and so it looks like a burden to them to begin certain registrations, KYC etc. Those old that eventually build interest go through the young like their children to facilitate investment under their children. So it is not really surprising that the old don't have interest in it because they already have a source of income that they look up to and trying to learn new things becomes a big task for them despite others believe they don't want to invest foolishly and losing there money.

[btc78]

I do think that the older generation just do not trust the internet or anything that has to do with it in general hence the reluctance to accept any kind of development that occurs on the internet I think the age group needs to be a little higher because people that are 40 to 45 at most still are very open to some new developments but any age higher than that seems to have a hard time accepting crypto

[Miles2006]

I agree with the op cause I have never seen an old man/woman owning bitcoin, although even if I will not know but there's no interest and in my locality anything associated with the internet older people will tag it as scam, I don't blame people with this mindset cause they never had the opportunity to explore new technology and they can never adapt to the modern system, I don't really see any point why older people will become part of this technology or any need of convincing such people to change their mindset

[TheBTCRat]

I think over 40 is a bit low, they would have been in their late 20s when this started and probably would have exposed to it then.

I am 45 and joined here in 2013 and still follow Crypto even though I am old!

I think it depends on the person, I know people in their 20s now that still think the whole thing is a scam and also people in their 50s who are eager to learn about it. It takes a certain sort of openminded person to embrace Crypto who is able to see through all the noise.

[Natsuu]

Maybe some older folks feel left out of the crypto boom and express skepticism because it's something new and different from what they're used to. It's not jealousy for everyone, but rather a mix of unfamiliarity and a different financial landscape.

[|MINER|]

It may not be that they are jealous.  It could also be that they have little understanding of crypto.  They may consider crypto as gambling. There are many people who face losses by trading and spread wrong information without understanding about crypto. Hearing this, older people may not think crypto is good. Many people cannot trust it when they see sudden growth.  They think this money has no stability.  So they may have a wrong idea about it.

[passwordnow]

It's because they're close to the older age for which they need and want some stable things in their lives. If they don't have much money, it is understandable if they're choosing other investments and assets that they can take the risk of. Whilst for crypto, it's very highly volatile and they can't settle with that risk especially if they don't have any much dependence on their children or any other people.

Even I, I'll choose stability than taking a gamble and risk with assets that I have no idea. But I think what they just need to know is to understand and get educated of what actually Bitcoin is for them to lose that fear that they're having. Everything can be learned even if you're not the most educated person on this technology and investment, you'll eventually learn it along your way when you persevere.

[uchegod-21]

We have often seen youngsters are more open towards crypto and adapting it wherein the older generation like the ones who are in their 40s and above are reluctant towards crypto and often term it as bubble or scam though they know that it's not a scam. Is it out of jealousy that they couldn't onboard into crypto at the right time hence bad mouthing it or else just that they are not ready to accept something knew as kids are becoming millionaire with crypto which was never case with any other asset hence this looks too good to be true for them.

Note: I am not saying everyone above 40 years are reluctant but it's just my experience and it might be related to certain geographical location or certain set of people. I am not generalizing it but share my experience. 

When the old people say that crypto is a scam or about to burst bubbles, they are not outrightly wrong. Some of the old people do not joke around with their hard earned money, so they are very skeptical of the investment they venture into. In the actual sense, most of the coins we see in the cryptocurrency industry are scam coins. Yes, they are. It is only Bitcoin and a few other coins that are real. So, when making your analysis, ensure you are coin specific.

Talking about the age factor you noted in OP. The younger generation are so much in a haste to become millionaires while the old ones are not much moved because they have tasted money in one way or the other.

[kentrolla]

We have often seen youngsters are more open towards crypto and adapting it wherein the older generation like the ones who are in their 40s and above are reluctant towards crypto and often term it as bubble or scam though they know that it's not a scam. Is it out of jealousy that they couldn't onboard into crypto at the right time hence bad mouthing it or else just that they are not ready to accept something knew as kids are becoming millionaire with crypto which was never case with any other asset hence this looks too good to be true for them.

Note: I am not saying everyone above 40 years are reluctant but it's just my experience and it might be related to certain geographical location or certain set of people. I am not generalizing it but share my experience. 

When the old people say that crypto is a scam or about to burst bubbles, they are not outrightly wrong. Some of the old people do not joke around with their hard earned money, so they are very skeptical of the investment they venture into. In the actual sense, most of the coins we see in the cryptocurrency industry are scam coins. Yes, they are. It is only Bitcoin and a few other coins that are real. So, when making your analysis, ensure you are coin specific.

Talking about the age factor you noted in OP. The younger generation are so much in a haste to become millionaires while the old ones are not much moved because they have tasted money in one way or the other.

Exactly the answer I was looking for and now even I feel the same as they are not completely wrong but to an extend as we have seen the kind of scams which happens in Crypto, younger generation indeed wants quick gain and wants to become millionaires overnight as we hdon't have the kind of patience and efforts which the older generations had and moreover how future trading both longs and shorts have been liquidated they would far distance themselves from crypto and trading.

[Ravichnadra]

Well!

As cryptocurrencies continue to reshape the financial landscape, the older generation finds itself at the crossroads of curiosity and caution. Many seniors, traditionally accustomed to conventional banking, grapple with the complexities of decentralized digital currencies. The allure of potential financial gains clashes with apprehensions rooted in a lack of familiarity.

For some, embracing crypto represents a leap into the unknown, navigating through the intricacies of wallets, exchanges, and private keys. Concerns about security and market volatility echo loudly, acting as deterrents. Yet, an increasing number of seniors are recognizing the importance of adapting to the evolving financial ecosystem

[Ruttoshi]

Crypto is a new innovation that came into existence in this new generation and that is why you see that it is a youth thing because the youths are the future of tomorrow, and they are open to new technology because they want to exploit from it. The youths are open minded to learn something new, since they are in their learning age.

The old people are already used to their old pattern of lifestyle, saving money in the bank and also going to physical places to work since this was what they learnt from their youthful age. They are always law abiding and don't need anything that is not from the government. Since cryptocurrency is not from the government unlike fiat that is their country's currency, they will believe that it will not last and this is why they think that it is scam. The old ones are cool with the bank taking control of their money.

OP, 40yrs should still be considered to be a youth and this age people are into cryptocurrency. It should be from 55yrs and above.

[DeathAngel]

Now that the SEC finally approved Spot Bitcoin ETFs, the narrative will change. Older people on average have a lot more money than younger people. Blackrock, Fidelity & others will be shilling Bitcoin hard to these investors, we will probably find that over the coming years, older people have exposure to Bitcoin in their investment portfolios due to Spot ETF products.

[coolcoinz]

Note: I am not saying everyone above 40 years are reluctant but it's just my experience and it might be related to certain geographical location or certain set of people. I am not generalizing it but share my experience. 

Have you ever thought that people who are now in their 40s, could be young guys who got interested in bitcoin in it's early days (2010-2015)? If you got your first bitcoin as a 28 year old, you could be now over 40 and treated like an old fart who doesn't know his way around new technologies. I'm not that old, but my first computer operated DOS and Norton Commander and was buying bitcoin sub $1k

I think that you mean people over 60 are reluctant. I know a lot of people age 30-40 and age has nothing to do with it. It depends mainly on your character, hobbies, line of work. Someone who works in a server room will be interested regardless of age, but you'll have a difficult task getting through to a bank manager, or someone with a government position, especially in finances.

[Die_empty]

We have often seen youngsters are more open towards crypto and adapting it wherein the older generation like the ones who are in their 40s and above are reluctant towards crypto and often term it as bubble or scam though they know that it's not a scam. Is it out of jealousy that they couldn't onboard into crypto at the right time hence bad mouthing it or else just that they are not ready to accept something knew as kids are becoming millionaire with crypto which was never case with any other asset hence this looks too good to be true for them.

Note: I am not saying everyone above 40 years are reluctant but it's just my experience and it might be related to certain geographical location or certain set of people. I am not generalizing it but share my experience. 

The younger generation embraces cryptocurrencies because they are more technologically inclined. They are more exposed to innovation in the financial ecosystem. Many of the older generation are not even computer literate so they don't have basic knowledge about cyberspace this might be the reason why many of them don't pay attention to cryptocurrencies. Due to their ignorance about the crypto space many of them have also been victims of scams that will scare them from dealing in cryptocurrencies.

Therefore I don't think it is because of jealousy that many of them are not joining the sector, it is more because of ignorance. If they have better knowledge about Bitcoin they would invest in the sector, after all, everybody wants to make money.

Now that the SEC finally approved Spot Bitcoin ETFs, the narrative will change. Older people on average have a lot more money than younger people. Blackrock, Fidelity & others will be shilling Bitcoin hard to these investors, we will probably find that over the coming years, older people have exposure to Bitcoin in their investment portfolios due to Spot ETF products.

The approval of Spot ETF is a big boost to Bitcoin awareness and adoption. Many of these elderly people who are scared of keeping their keys and passwords will be comfortable investing in centralized platforms. Others who see self-custody as a complicated process will also find the ETF approval helpful.