Despite Huge Loss and Risks, Baby Boomers And Generation X Still Planning To Buy Cryptocurrency

The recent staggering collapse in cryptocurrencies is not driving older generations away from acquiring digital assets, new research shows.

Almost half of all baby boomers and Generation X  now own crypto or are thinking about buying it before the year-end, a fresh global survey from one of the world’s largest independent financial advisory, asset management, and fintech organizations discloses.

The discovery is from a poll by the deVere Group, with roughly over $12 billion under advisement. Per a  news release, the findings come as the prices of bitcoin, the world’s largest cryptocurrency, and others like  Ethereum, fell this week from inflation worries and the policies of central banks attempting to subdue it.

 As of late June, bitcoin has lost around 58% of its value in the second quarter of 2022, based on data from CryptoCompare, CNBC reported.  All told, the crypto market has reported losses of $500 billion this year.

 The deVere survey reveals that 48% of the over 700 clients polled reported they already had exposure to crypto or are actively planning to invest to some degree in digital currencies before the end of 2022. Clients questioned, those born between 1965 and 1980, now live in North America, the UK, Asia, Africa, the Middle East, East Asia, Australasia, and Latin America.

Among his comments on the survey, deVere Group CEO and founder Nigel Green stated, “Baby 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.”

He explained like the growing number of institutional investors – including pension funds, mutual funds, investment banks, commercial trusts, and hedge funds – older generations are recognizing “crypto is the future of finance.” And they are apparently jumping on the bandwagon.

High-risk investments like crypto have been becoming more popular with many, particularly young Black investors. Observers’ report has provided investors some good returns and could be a good asset if done correctly and mixed with assorted investments.

Yet, other personal finance experts suggest that people not buy or invest in more crypto than they can stand to lose. They say investors should know that the market is volatile and can be unpredictable. They emphasized that while cryptocurrency has realized robust gains it also has had big declines.

Known as a  long-time advocate for digital currencies, Green too warns investors to be cautious.

“As this year has proven again, the crypto market remains known for its volatility. 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,” Green stated. “As ever, the best way to benefit from the huge potential of crypto is to seek professional advice.”