By Angela Ilievski – Coinfloor Autobuyer on the Bitcoin journey towards monetary re-education
In my 60’s with a son in his 20’s, the generation gap is something I live with in my everyday family life. Facebook posts have replaced postcards, broken things don’t get fixed, they get thrown out; saving up to buy something is pointless when credit cards and Amazon Prime deliver instant gratification.
Attention spans and time horizons have shrunk; for a 20-something on a Monday morning, the coming weekend is a long-term plan. This translates into a different attitude to financial planning. Growing up, I was encouraged to save for a rainy day in the belief that you never know what is around the corner. Conversely, my son and his friends have grown up with a competitive culture of making ‘fast money’ from smartphone sports betting and trading apps and rags-to-riches Instagram stories.
The attraction of Bitcoin to his generation is the prospect of making money with little effort, a mentality which crypto price volatility serves to encourage and which they view as more of an opportunity than a threat. However, for a more risk-averse older generation, memories of the 2017 Bitcoin price fluctuation are a turn-off.
Another significant difference is that my son’s generation are digital natives which gives them an edge when it comes to adopting new technology such as cryptocurrency.
In my own experience of buying Bitcoin, the above two issues – technical challenges and price volatility – kept me away from further investment until I came across the Coinfloor Autobuy option. This combines the ‘dollar cost averaging’ principle of smoothing out price volatility by investing a fixed amount over a period of time with the familiar ease of a monthly standing order to eliminate the challenges I had encountered with DIY Bitcoin buying and storing.
It has been argued that Bitcoin represents more than just a money-making opportunity for the younger generation; it is a form of rebellion against the legacy of debt and a rigged financial system which has served the ‘baby boomer’ generation very well at their expense.
Discussing this with my son and his friends, the consensus was that the Bitcoin community itself is split – evidenced on Twitter – between a cohort of what they described as hardcore supporters who promote it aggressively as an anarchistic agent of social and political change and those who are just in it for the money.
Ironically, this is a use case of Bitcoin that unites the generations. The Mrs Watanabes of Japan (over-60’s housewife investors) have turned to cryptocurrency in their thousands. Faced with diminishing returns on their retirement savings, they view Bitcoin investment as a better store of value than a non-performing pension fund.
This demographic trend can be seen in the UK. According to an article on DevonLive.com, the founders of SatoshiUK (which installs ATM machines for buying Bitcoin) have been surprised that their best customers are women in their early 60’s looking to diversify their investment portfolios ‘queuing round the block’.
Against a background of heightened geopolitical risk globally, a stock market increasingly detached from the real economy, ‘lower for longer’ interest rates and Central Bank money printing debasing the value of fiat currencies; senior savers would be well-advised to explore ‘hard money’ long term investment alternatives such as Bitcoin.
This is not to exclude junior speculators looking to trade crypto for short-term gain. A recent Twitter debate kicked off by the question: ‘What does Bitcoin mean to you?’ generated a wide range of positive responses from across the age spectrum suggesting that Bitcoin is more inclusive than divisive; it offers something for everyone regardless of age, gender or ethnicity.
About Angela – in her own words
I am a 60-something retired teacher living with my partner and 20-something son in Bournemouth. In an era of low – potentially negative – interest rates, a looming recession and a stock market increasingly detached from the real economy, my own reading and research into Bitcoin has convinced me that it represents an interesting investment opportunity. With a limited disposable income and a lifetime savings habit, the Coinfloor Autobuy account is a hassle-free way of investing in Bitcoin. My objective is to diversify my investment portfolio, preserve my hard-earned capital and – over time – generate a decent return.