Retirees are simply not interested in Bitcoin. In fact, one-third of them say they don’t even know what it is, according to a survey by Gold IRA Guide, a website dedicated to precious metals investing.
When asked how they feel about investing in Bitcoin, 56.7 percent of respondents, aged 55 to 65 (and older) said they were aware of it but had no interest in owning it, the survey said. The survey polled 1,000 American retirees.
Mark Turner, head editor at Gold IRA Guide, said the results are not surprising but “it just goes to show how much the powers that be at Bitcoin and other cryptos have to educate the elderly about what it is exactly.”
The report noted that a small group sounded positive about Bitcoin, saying they would like to invest but they had no idea how to, or where to start. A mere one in 30, or 2.7 percent, of retirees said they already owned some Bitcoin.
After enduring huge price swings and volatility, this cryptocurrency came under fire last year. The price of a Bitcoin dropped from around $6,500 throughout much of October to below $4,000. It has edged back up to a little over $5,000.
In making a case for the currency, the report cited Bitcoin’s “volatility and potential to massively appreciate,” which it said would be highly attractive “to those individuals who are willing to shoulder investment risks, as with especially younger investors.” The report suggests that financial advisors should present Bitcoin to investors as a government hedge, another form of retirement asset diversification or a promising way to achieve long-term growth.