The cryptocurrency phenomenon has touched all of us together, the elderly and the young. But this whole thing about money not being issued by the government and having no legal backup whatsoever is still a strong signal for elders and retired people to back off from it completely. Even visionary investors like Warren Buffett, the Oracle of Omaha, and Bill Gates have had strong opinions about cryptocurrency in the past, even calling them “rat poison squared”.
And it seems that this stance is being reinforced by literature directed to the retired directly from their associations. A slideshow article published on the internet site of the American Association of Retired Persons (AARP) has gone to great detail to muck terms like Bitcoin and Blockchain as mere buzzwords that in the end have no real relevance or value for their consideration.
The article, called “Improve Your Financial Literacy With This Glossary”, details some of the hottest words on the investment world right now, a thing that elders and retired people are expected to do with their live savings (invest them). While it does it tongue in cheek, cryptocurrencies and blockchain get the short end of the stick, practically getting shunned by the author, Bruce Horovitz.
He defines the term Bitcoin as:
A bunch of computer code that a bunch of criminals, idealists and speculators agree is worth “real” money. Sadly, its real-money value swings widely, making it impractical except for criminals, idealists and speculators.
… and the term Blockchain as:
A word often uttered by companies hoping to snare investors’ attention — and dollars.
While it is written in a light tone, many people could take this in a serious manner, contributing to the prejudice that already exists against bitcoin and cryptocurrencies as investment options. While it is true that the cryptocurrency market is volatile and risky, in two or three years cryptocurrency investors have achieved enormous gains that normal investors could only dream to achieve in 15 or 20 years.
So this kind of article, while trying to shun cryptocurrencies, its really making a disservice to the retired people it wants to school, keeping them away from the opportunity of investing in cryptocurrency and also using cryptocurrencies as an everyday method of payment, where available.
But people have already reacted negatively towards the article. The only comment on the website states that Horowitz does not know anything about cryptocurrencies and that he should not try to explain something that he does not understand himself. This is not the best financial advice that should be given to elders and not in this way.