Boomers and Gen X increase their crypto exposure

A poll carried out by deVere Group has found that nearly half of all Baby Boomers and Generation X own crypto or will buy it before the end of 2022.

Even amidst the backdrop of failing fiat currencies, stocks, and bonds etc., leading to a possible economic meltdown, a survey of 700 clients of deVere Group from across the globe found that 48% of them said they either owned crypto, or they were thinking of purchasing it before the end of this year.

Those who were included in the survey were born between 1965 and 1980. They came from North America, the UK, Asia, Africa, the Middle East, Australasia and Latin America.

Nigel Green, founder and CEO of the deVere Group, said of the findings:

“The survey confirms that older generations are increasingly recognizing the massive potential of cryptocurrencies.”

This is perhaps surprising, given that cryptocurrencies are a relatively new development. Bitcoin, the first of the cryptocurrencies, has only been going a short 13 years.

It might be expected that the majority of holders and those who purchase crypto would come from the more recent generations, given that they have grown up during the digital era.

Green added:

“Baby boomers and Gen X too are becoming ever more aware of the intrinsic value of digital, global, borderless, tamper-proof and unconfiscatable currencies in an increasingly tech-driven and uncertain world.”

“Like the growing number of institutional investors – including pension funds, mutual funds, investment banks, commercial trusts and hedge funds – these older generations are starting to acknowledge that crypto is the future of finance and they don’t want to miss out.”

Green stated his view that Boomers and Gen x are looking at crypto for the longer term, and they also saw cryptocurrency as a “wider retirement planning strategy”.

He believes that this is because Bitcoin is the “best-performing asset of the decade”, and given its scarcity, it should continue to appreciate over the longer term.

Green does end with a note of caution though. He says to beware of the “volatility” that is present in crypto. With this in mind he recommends that those wishing to put crypto into their retirement plans should not over-commit, and they should seek professional advice.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.