Nearly half of all baby boomers and Generation X already own cryptocurrency or are intending to buy it before the end of 2022, a new global survey from one of the world鈥檚 largest independent financial advisory, asset management and fintech organisations has revealed.
The findings of the poll carried out by deVere Group come in as the prices of Bitcoin, the world鈥檚 original and largest cryptocurrency, and others including Ethereum, dipped this week due to inflation concerns and the policies of central banks to try and tame it.
The survey shows that 48% of the 700+ clients polled said that they already had exposure to crypto or that they are actively planning to invest to some degree in digital currencies before the end of the year.
The respondents are clients who currently reside in North America, the UK, Asia, Africa, the Middle East, East Asia, Australasia and Latin America, all born between 1965 and 1980.
Of the findings, deVere Group CEO and founder Nigel Green says: 鈥淭he survey confirms that older generations are increasingly recognising the massive potential of cryptocurrencies.
鈥淚t鈥檚 easy to assume that it鈥檚 just 鈥榙igital native鈥� generations who are investing in digital assets, but this is not the case.
鈥淏aby 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.
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鈥淟ike the growing number of institutional investors 鈥� including pension funds, mutual funds, investment banks, commercial trusts and hedge funds 鈥� these older generations are starting to acknowledge that crypto is the future of finance and they don鈥檛 want to miss out.鈥�
Due to the demographic cohort that was polled, the deVere chief executive says it is reasonable to make several assumptions about the respondents鈥� motivations for their responses.
鈥淲e expect that many boomers and Gen X are increasing their exposure to crypto as part of a wider retirement planning strategy.
鈥淲hy? Because not only is Bitcoin already the best-performing asset of the decade, it will, due to its fixed supply, only continue to appreciate over the long-term.
鈥淚n addition, crypto exposure can typically deliver a legitimate diversification tool 鈥� which is how investors can seize opportunities and mitigate risk, especially during periods of higher volatility.鈥�
Although he鈥檚 a high-profile, long-time advocate for digital currencies, Nigel Green also warns that the sector is still highly speculative.
鈥淎s this year has proven again, the crypto market remains known for its volatility.听 Therefore, retirees or those on the cusp of retirement need to bear this in mind and not over-commit, as this could put the wider retirement strategy in jeopardy.
鈥淎s ever, the best way to benefit from the huge potential of crypto is to seek professional advice,鈥� he concludes.
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