A new survey of 1,000 American retirees released April 16 revealed that the vast majority of them either don’t know what Bitcoin is, or are simply not interested in investing in it at this time.
Retirees are not famous for being major risk-takers. In fact, quite the opposite is true with their age bracket. Even so, the survey organizers said of the results, “it’s surprising to learn that one-third of them don’t even know what Bitcoin is.”
The survey was commissioned by Gold IRA Guide, a magazine providing resources for IRA and401kowners interested in investing in alternative assets such as precious metals, cryptocurrencies, annuities and other asset classes.
“Frankly, the results aren’t surprising. It just goes to show how much the powers that be at Bitcoin and other cryptos have to educate the elderly about what it is exactly,” said Mark Turner, head editor at Gold IRA Guide.
According to the findings of the survey, when asked how they feel about investing in Bitcoin, 56.7% of 1,000 respondents aged 55 to 65+, said that they are aware of Bitcoin, yet they had no interest in owning it. That is more than one in two respondents.
“Taking into account this most popular survey response, Bitcoin must do a better job of educating and explaining the many benefits its underlying blockchain technology offers businesses and industries to this audience. It also must dispel the myth that it is a completely imaginary construct with no real life value—something that tends to scare away older investors who remember bubbles all too well,” Turner said.
A smaller, albeit still important group, responded that they were at a loss as to how to invest in Bitcoin. Nearly, 3.5% said that they would like to invest, but did not know where to start. This is yet another example of the lack of investor education imparted by Bitcoin with this demographic.
However, there are a tiny segment of retirees who aren’t averse to Bitcoin. A mere 2.7% of respondents to the survey claimed that they already owned some Bitcoin—more precisely, that’s one in 30 survey respondents in the retired age bracket. Clearly, Bitcoin has significant work to do with the retiree category.
A more complete breakdown of the results can be found here.