Over the years, Bitcoin's acceptance rate has varied from generation to generation. Of the five existing generations, Baby Boomers are torn between accepting Bitcoin or total abandonment. These age groups (57-75) reportedly have the highest net worth, averaging $ 1,22 million in the United States, as of 2021.
However, their responses to Bitcoin revealed their positions on the asset. Although Stanley Druckenmiller, Paul Tudor Jones are some of the Baby Boomers who are Bitcoin's biggest investors, a sizable number have said that Bitcoin is simply not for them.
Why are baby boomers not interested in Bitcoin?
The risk factors involved in investing in Bitcoin may not seem excessive to millennials and Gen Z who have the highest Bitcoin awareness rate.
But for many Baby Boomers, Bitcoin isn't worth it. This year, in a live chat on ClubHouse, Bill Gates revealed that he still has to invest in Bitcoin. Speaking to interlocutor Andrew Sorkin, Gates said he is more comfortable investing in companies that produce products.
While it doesn't discredit Musk's interest in the asset, it advises smaller investors to beware of risks. Jamie Dimon, another billionaire Baby Boomer, has distanced himself a little from digital currency and openly called Bitcoin a fraud that risks failure. Three years later, he concluded that Bitcoin simply isn't for him. On the other side of the mirror, Paul Tudor continues to defend Bitcoin, saying the asset is the most effective hedge against inflation.
Why baby boomers are in conflict over Bitcoin
It is safe to say that the concept of Bitcoin is significantly different from the investment products that Baby Boomers are used to. Since investing in stocks is one of the most popular forms of investing, the concept of Bitcoin appears to be difficult to understand.
Perhaps not in the sense that these billionaires are unaware of what Bitcoin does, but the idea of investing in an asset that produces nothing and depends solely on supply and demand is still highly questionable for this demographic.
The volatility of the asset can also be perceived as a valid reason to avoid it. Many analysts have pointed out that Bitcoin is the disruptive technology of the millennial generation, as such, it is in their best interest to seize it to create wealth.
Will the Baby Boomers finally arrive?
For Baby Boomers who can easily navigate the monetary system they have been accustomed to, Bitcoin is easily an option, not a priority.
Interestingly, regardless of their personal views on Bitcoin, the demand for the asset has forced companies to adopt the asset in order to keep up with their ever-growing user base.
Other baby boomers may change their minds about Bitcoin in the future, but first they need to be interested enough to want to accept or know the reasons why Bitcoin's structure is efficient.