Gold IRA guide, a magazine focused on precious metals published a survey on 17th April 2018. The website asked a group of 1000 retirees aged 50 and above, a few questions about bitcoin. The respondents were asked about If they knew about bitcoin? If they had invested in bitcoin? and why haven’t they invested in bitcoin?
Traditionally, it was believed that people of older age are skeptical about bitcoin and cryptocurrencies in general, but the survey proved an important point. There are a few retirees in the United States who have already invested in bitcoin. Amongst the people surveyed by the magazine, 3% of the people who participated had invested in bitcoin. The U.S. retirees are one of the most prominent investors in American businesses and stock exchange, and they are a huge target market for venture funds and startup funding.
Only 3% of the people surveyed had invested in bitcoin, but the number shows that there is still potential in that segment. The relative increase in the bitcoin investment has been due to the legalization of many crypto exchanges by the Internal Revenue Service (IRS), the tax regulatory body of the United States government. Many retired professionals have turned to bitcoin investing because of the seal of legitimacy by the IRS.
One of the fascinating fact from the survey was that more than 32% of the survey participants had no idea what bitcoin is. Well, this represents a pool of potential investors, but there is one thing to consider. These people would not invest their hard-earned money on an investment they don’t understand. There’s a dire need for educating these people about bitcoin investing. Only through knowledge, these people would divest their assets into bitcoin and other cryptocurrencies. The Survey concluded:
Bitcoin needs to do much more to educate the retirees about it as a currency, technology, and investment.
More than 3.5% of the retirees seemed to be interested in bitcoin, but they said they did not know how to invest in it. This shows that there is indeed a dearth of education about bitcoin and its potential as an investment. While the numbers were a little more promising than expected, still more than half of the retirees that responded to the survey said that they know about bitcoin but would not invest in it. This shows that while there is some progress in bitcoin adoption, there’s still a long way to go.
Hurdles to Mainstream Bitcoin Adoption
Bitcoin Investment has always been a tricky topic to discuss. It has been labeled as a ponzi scheme by well established Wall Streets investors. One of the biggest hurdles to mainstream bitcoin adoption is the backlash from traditional Investors. Well established Investors like Warren Buffett and Charlie Munger have on the record called bitcoin “worthless.” These Investors are still considered the titans of the investing world, and because of their backlash, there has been a little skepticism amongst people.
Another Big reason is the lack of education, and many people have no understanding of bitcoin and its potential. If bitcoin adoption has to go mainstream, it is the industries responsible for educating people about bitcoin and making an effort to negative sentiments about it. Pierre Richard the founder of Bitcoin Lightning Power User in this regard said:
People didn’t understand it. They didn’t know why it’s valuable. They didn’t understand how to use it. I think we need a lot more [education]
The survey proved that bitcoin adoption in the mainstream is in its starting phase, the toughest and the most significant segment of investors have started investing in bitcoin. A little more bitcoin education can be a hot investment cake.