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Bitcoin Baby Boomers: Coronavirus crisis is encouraging over 55 to invest in crypto

BITCOIN (BTC) is viewed as increasingly attractive to elderly investors.

Bitcoins’s price has surged from £7,051 ($9,200) to £8,580 ($11,200) over a 13 day period, at the time of writing. The incredible price rise has reignited several bullish forecasts similar to BTC’s incredible 2017 performance.

And more than a fifth of those holding bitcoin comprise those of the baby boomer generation. Baby Boomers are the richest generation in history, with one in five being millionaires and over-65s owning more than a third of UK household wealth. In recent years, however, the rise of money printing – together with record low interest rates – has made it much harder for people to get value from their savings.

Meanwhile, stock market volatility – particularly in the wake of the coronavirus crisis – is encouraging the older generation to diversify their investments, including into bitcoin.

One person told The Express.co.uk: “I come from a generation of savers not spenders, where a risk-averse attitude is hardwired into our DNA.”But there’s no longer any point putting money in the bank – the interest rates are an insult. “Having £5,000 in an ISA today is unlikely to earn enough yearly interest to buy a Mars bar.“To me, bitcoin is digital gold and it has allowed me to take the steps to secure the cash I already have.

The London Crypto Exchange has a simple 3 step process to buy bitcoin direct from sellers and offers security in the custodial service that you have to use on each trade. Upon your first purchase you will be assigned your own personal bitcoin wallet, which is unique to only you. And you can open this with as little as £10.00 and go online 24/7/365 and buy or sell your bitcoin. Again unlike traditional banks and stock markets, bitcoin does not sleep and you can buy bitcoin from anyone, anywhere in the world….as a bitcoin is a bitcoin no matter where you are buying either a whole one or part of one.

Older people didn’t get rich through luck alone: they were brought up to respect money and to save rather than spend. For this group of savers, economic volatility threatens to undo a lifetime’s hard work – especially since many over-65s lack diversity in their investments – so it’s no surprise more than one in five cryptocurrency owners are over 65, compared to just seven percent in 2019.

There is a misconception that bitcoin is only for millennials: that it is complex, riskier than other investments, and requires a high degree of technical knowledge, in fact our customers and other senior shows, bitcoin is for everyone. Today we live in unprecedented financial times, Governments have always manipulated money, but the amount of quantitative easing over recent years has made me very worried about whether fiat currencies will continue to hold their value.

For investors, the decision to invest in bitcoin is as much philosophical as it is practical: it’s the only form of money that I know is truly mine and no one else’s.

Yes the market has been up and down, but since it started in 2009 nothing in the past decade has outperformed this market, across all investment sectors. There will only ever be 21 million bitcoins in the world and the number is currently getting closer to 20 million its only a matter of time before demand outstrips supply. No one should place all their hope and savings in one asset class, but there is no ignoring the rise of bitcoin and the future, coupled with other crypto coins and blockchain technology.

Go to our website today and sign up for an account in easy steps, and you can own as much as you want to buy today.