Nearly All American Seniors Don’t Know or Want Bitcoin: But It’s Not a Concern

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It isn’t a secret that Bitcoin (BTC) doesn’t really tick with the elderly population. Warren Buffett and Nouriel Roubini are the perfect examples of that demographic’s aversion to crypto assets, backed by a technology that most can’t explain, or conceptually comprehend for that matter.Mere weeks ago, Buffett, who claimed that BTC was “rat poison squared” in 2018, doubled down. He remarked, as NewsBTC covered, that the cryptocurrency is a delusion, in that it is not backed by anything tangible or an asset of value, and that it doesn’t produce profits for ‘shareholders’. Buffett, of course, is assessing Bitcoin as if it is a stock, which it evidently is far from.While Buffett’s crypto literacy is already questionable enough, you bet it’s somehow even worse for the majority of those his age. And as a recent survey revealed, this lack of education and understanding hasn’t helped cryptocurrency’s prospects in that arena.Seniors Don’t Really Like BTCAccording to a recent survey of 1,000 retirees in America conducted by Gold IRA Guide, a finance magazine, Bitcoin isn’t all too popular with seniors. In fact, one-third of the respondents didn’t even know of BTC, in spite of the fact that it plagued mainstream television stations and media outlets throughout 2017 and early-2018.What’s worse, however, is the fact that 56.7% of those surveyed stated they knew of Bitcoin, but were hesitant to own any. These “no-coiners” chalked up their decision to the fact that they believe that cryptocurrencies are “completely imaginary constructs” and susceptible to jaw-dropping bubbles. Any risk obviously deters risk-averse retirees. As Gold IRA’s head editor, Mark Turner, stated:“Taking into account this most popular survey response, Bitcoin must do a better job of educating and explaining the many benefits its underlying blockchain technology offers businesses and industries to this audience. It also must dispel the myth that it is a completely imaginary construct with no real life value – something that tends to scare away older investors who remember bubbles all too well.”

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