Posted on 01/22/2022 6:18:00 AM PST by DoodleBob
According to a recent survey by Capitalize, an IRA rollover service, 56% of Gen Z adults (18+) and 54% of millennials say they are including cryptocurrency or NFTs as part of their retirement strategy. That’s compared to only 20% of Gen X and 14% of baby boomer survey respondents who said they are investing in crypto to help them save for retirement.
(How reliable is this survey data? Capitalize noted that respondents were gathered through the Amazon Mechanical Turk survey platform, and that their answers were "self-reported and are subject to issues, such as exaggeration, recency bias, and telescoping." For the sake of comparison, a Pipslay survey from May 2021 reported that 49% of millennials and only 13% of Gen Z own cryptocurrencies.)
Beyond retirement strategies, younger people are more likely to be comfortable betting on cryptocurrency in general. In a 2021 study by the personal loan company Stilt, more than 94% of people who own crypto were millennials or members of Gen Z. Moreover, 59% of Gen Z and 46% of millennials believe they can become millionaires by investing in cryptocurrencies, according to a survey by the research company Engine Insights.
Younger people also have a lot more time to wait before they're going to retire. As a result, they presumably can take on more risk with their investment strategies. This may be another reason why crypto is more popular among younger investors' retirement saving plans.
(Excerpt) Read more at money.com ...
NFTs. NFTs!
LOL.
Ping!
I prefer red at the roulette wheel.
Fools.
Dune NFTs!!
Maybe...maybe not.
Every retirement portfolio should have some modest allocation to high expected return but high risk assets. Crypto certainly fits that bill.
If they over-index that allocation then if could be deemed foolish.
I am hardly a crypto guy - there are plenty of operational risks that haven't been fully tested yet - but clearly there is something more to this than the usual, generational shift. Purveyors of crypto chat it up as a rejection of traditional assets, and in some ways a rejection of state/crony capitalism.
If that's true, then perhaps the fools aren't them.
Totally false “survey.” It claims to represent Gen Z adults and millenials. It does not.
The article was written to convince people to get into “crypto”. That advice is very bad advice. It is no better than advising people to buy lottery tickets as a retirement strategy.
Crypto is based entirely on the expectation of future increases, and those expectations are based on the hopes of a continuous stream of new investors, which the article is trying to create.
The problem is that the dollar is constantly losing value because the government is constantly issuing new dollars. People try to avoid getting hurt by the loss of value, and seek stability by other means. Crypto is not going to provide that stability. It’s up to government to stop creating new dollars.
The only risk was that Zimbabwe would have printed a quadrillion dollar bill and made yours an afterthought.
So many also own precious real estates in the virtual world!
I am wondering, when all those imaginary properties and imaginary crypto go down to 0!
You know this article is fake because Gen z and millennials don’t invest.
In addition, the money printing is causing even more loss of faith in the dollar as the reserve currency.
There is an MLM component to Crypto. I’ve known several people who got into it and spammed their FB feed with it.
what do you want to bet that those wise old boomer dogs are the ones betting against the Gen Z pups on crytotrash and NFTs? ... any bets whose gonna win?
Crypto is nothing. Collectible maybe.
Totally speculative.
Kind of like the tulip bulbs in the Netherlands a long while ago. But the bulbs were still something real!
I could see people playing it short term, but long term investment? Never!
Again, I am not a crypto guy, but the valuation of equities, fixed income, real estate, and other assets are ALL based on the expectations. A company's stock is valued off the expectation future earnings and revenues and a variety of other factors, and it can drop to zero in a default or bankruptcy or liquidation scenario. In addition, helicopter drops of money impact equity valuations, too, as does the rush of new investors to that company's stock who bid up the price.
I totally get that crypto isn't backed by hard assets, and that's a legitimate concern IMHO.
Almost nothing not we invest in is actually something. Stocks? And fractional piece of a legally defined fictional entity. Bonds? A loan to a fictional entity. Commodities? OK those are real but you probably want to have sold it before that matters.
All investment is speculative.
I suppose this is true, if they invest 5 million.
What could possibly go wrong with electronic money?
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