Blockchain for Babyboomers: What Stops Older Generation From Using Bitcoin?

Baby boomers are the richest generation in US history, accounting for 70 percent of the nation’s disposable income, and inheriting some $13 tln in the next 20 years.

Yet Bitcoin users over 55 years old account for less than seven percent of the total market. What’s stopping the older generation from entering this $87 bln market? And what will happen to the value of the cryptocurrency market when baby boomers finally get on board?

Why baby boomers have yet to adopt cryptocurrency

  1. Steep learning curve - understanding what cryptocurrency is, and how it works, requires a few building blocks of knowledge

  2. Buying cryptocurrency isn’t easy - knowing which exchange to trust and where to begin typically involves a word of mouth recommendation

  3. No safety net - transactions cannot be reversed in case of an error, and losing your private key means losing your money for good.

  4. Currently, there aren’t many ways to spend it, besides buying other cryptocurrencies.

  5. Price is volatile - when the price of pizza can fluctuate wildly from minute to minute, people tend to use cash, which gives them some peace of mind, knowing that their slice won’t cost them a mortgage payment.

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