Cryptocurrencies Are Too Volatile For Retirement Purposes

Share post:

Several opinion polls and surveys have shown that older Americans remain bullish on cryptocurrencies, and many plan to use their investment for retirement. They are however cautioned that crypto is prohibitively volatile for retirement purposes.

A joint conclusion of investors and asset managers at a summit hosted by Reuters is that if a person is not a sophisticated investor or is willing to accept large losses, it is better to stay out of the way.

A survey conducted by crypto exchange KuCoin found that 27% of Americans aged 18 to 60, or about 50 million people, have owned or traded crypto in the past six months.

The survey also showed that older Americans are more devoted to the young asset class than the general population, with 28% of over-50s relying on crypto as part of their early retirement plans.

Another survey of 11,000 adults conducted by the Fed found that 12% of Americans dabbled in cryptocurrencies as an investment in 2021. Moreover, the survey found that nearly half of those who consider cryptocurrencies an investment have an annual income of $100,000 or more, while nearly a third have an income of less than $50,000.

The sources for this piece include an article in Reuters.


Related articles

Lynn Conway, revolutionized semi-conductor design: Passes away at 85

Lynn Conway, a trailblazing engineer and influential figure in chip design, passed away at the age of 86....

Scarlett Johansson – did OpenAI use HER voice?

Hollywood star Scarlett Johansson expressed shock and anger after a new OpenAI chatbot debuted with a voice eerily...

Warren Buffett warns AI May Be Better for Scammers than Society

Warren Buffett, the renowned investor, warned shareholders at his annual meeting in Omaha, Nebraska, about the potential dangers...

Senator Colin Deacon and our digital future: HashTag Trending, the Weekend Edition, April 13, 2024

Welcome to Hashtag Trending The Weekend Edition. I’m your host, Jim Love. I can understand that many of you might get frustrated about politics. What we see for the most part is a lot of BS. Ask a politician a simple question. You get a lot of non answers, talking points, ways their political opponents

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways