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

Nvidia’s CTO says cryptocurrency is “useless” for society

Nvidia has declared that cryptocurrencies offer "nothing useful for society", despite its powerful processors selling in vast quantities...

Co-founder of Intel and pioneer of “Moore’s Law” dies at 94

Gordon Moore, Intel's co-founder, died on Friday, March 24, 2023, at the age of 94. Moore died surrounded...

More than half of U.S. workers considers self-employment

More than half of U.S. employed adults are considering working for themselves due to corporate trust erosion, financial...

YouTube lifts suspension on Donald Trump’s account

After a two-year suspension, YouTube has lifted the ban on former US President Donald Trump's YouTube account. This...

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