Crypto investment is starting to appeal to more people of all ages, but to some more than others. Baby “Boomers” are those born between 1946 and 1964. They make up about 25% of the population and control over 70% of the total disposable income in the US. The UK has similar numbers. “Zoomers” are those born between 1996 and 2012, a play on the term “Boomer” as well as the fast-paced lifestyle experienced due to rapid changes in technology. It is estimated Zoomers, also known as Millennials, make up about 27% of the population, but that by the year 2030 Boomers will outnumber children for the first time in history. This means 1 in every 5 residents will be retirement age. So why do Boomers only own about 7% of the Bitcoin market?
Traditional vs. Crypto Investment
Nearly all Boomers over age 65 agree they would rather invest $1,000 in stocks vs. Bitcoin as opposed to 30% of Zoomers. Boomers have not dismissed the blockchain industry completely and the numbers will likely increase as new developments in the market occur. Fear Of Missing Out (FOMO) will also surely make some look more closely at Bitcoin as a crypto investment.
So why are the Boomers not buying into bitcoin yet? Security in the form of a safety net seems to be the top reason. There are no safety nets when buying cryptocurrencies. Transactions cannot be reversed in the event of an error, and if you lose your private keys you lose your investment. That said, another reason seems to be a lack of technical knowledge. Most boomers were in their 30s and 40s in the 80s and 90s when digital technology exploded, resulting in a steep learning curve for some. Today close to 70% of Boomers own smartphones as compared to 90+% of Zoomers. The Boomer generation is catching up while being cautious and taking their time. The ability to trade crypto can prove to be an even steeper learning curve for Boomers opting to invest in cryptocurrency.
Will Millennials Invest In Cryptocurrency?
There is going to be a huge transfer of wealth when the boomers are gone. They are expected to transfer over 60 trillion dollars to the millennials and Gen-Xr’s by 2030 – making them the richest generations yet seen. Will millennials keep their wealth in banks and other money markets or will they store and manage it themselves as a crypto investment? Many millennials grew up during the recession in the late 2000s and are wary of the stock market and banks causing them to look for other investments elsewhere.
As of mid-2019, cryptocurrencies were the 7th most popular long-term investment at 4%, with real estate on top at 31%, followed by stocks at 20%. A recent Bankrate.com survey shows that 47% of Wall Street investors “want crypto in their portfolios” allocated in a variety of ways.
With the digital age in full swing, it will be interesting to see if the millennials decide to invest the great wealth coming to their generation in cryptocurrency. While buying crypto and monitoring its value is technically investing of sorts, those looking to buy low, sell high, buy low repeatedly to grow their portfolio will need to trade. Until Bitcoin is more widely adopted and used as a payment protocol, its volatility causes many to look at it as a crypto investment asset.
Preferred Allocation for
• 72% prefer to buy crypto investment products that hold digital assets
• 57% prefer to buy crypto investment assets directly
• 57% prefer to buy a crypto investment product that holds digital asset companies
Making Crypto Investment Easy
New developing services are making it easier for anyone to buy digital assets, but cryptocurrency requires 100% personal responsibility to use, store, trade, and secure. TradeSoEz™ is a platform designed for those who buy crypto for investment purposes and want to grow their portfolio. “Plug and Trade” functionality helps investors trade so easy by streamlining the process of copying expert traders.
Boomers and Zoomers deciding crypto investment is right for their financial goals will love the easy set-it-and-forget-it approach of the platform. Trades executed by professionals are automatically duplicated by the software in the investor’s personal exchange account. The platform never has access to a subscriber’s funds. For a nominal monthly subscription fee, experts handle the time-consuming research, analysis, and market monitoring critical for profitable trading. This is a service that busy Boomers and Zoomers alike will appreciate.
Crypto Knowledge Base for Investment Know-How
TradeSoEz™ has also invested considerable resources to provide a free online CryptoCenter for those looking to learn more about trading digital assets. The knowledge base is accessible to anyone and covers a variety of topics to help inform subscribers before a decision is made about crypto investment.