Why Can’t Older Adults Understand Bitcoin?
Bitcoin is a concept easily understood and embraced by the younger generations. Meanwhile, older adults are sticking with the rotary phone version of savings. What gives?
This morning, I read an article on Medium where the author (in their 70s) shared insight and wisdom they have acquired over the years. Much of what they wrote resonated with me and seemed like intelligent observations based on experience. Although a bit cynical, I found it pragmatic and significantly more honest than what I often read on Medium.
After reading the story, I went through the dozens of responses. All commenters agreed with the author, adding their two cents on certain points the author made. One commenter talked about inflation and Bitcoin, and the author replied to the comment with a gross misunderstanding of inflation and described Bitcoin as ‘nonsense.’
It got me thinking about how, in all the articles I have written about Bitcoin, the only anti-Bitcoin comments I have seen are from older adults. Meanwhile, young people more intuitively understand Bitcoin and why it’s a valuable asset. I thought I’d write my theory on why older adults don’t understand Bitcoin and what this opportunity means for younger investors.
