A very strange definition has been ascribed to Bitcoin in a spitefully scripted article published by the American Association of Retired Persons (AARP) recently. The slideshow post titled “Improve Your Financial Literacy With This Glossary,” is embedded with a handful of caustic descriptions of bitcoin and blockchain in their respective slides.
‘Criminals, Idealists and Speculators’
The article swiftly delved into Bitcoin after an introductory aspect which contains a level-headed description of the term “asset allocation.” The description which the article ascribed at Bitcoin can be regarded as dismissive, erroneous, misleading and inaccurate. An excerpt from the article reads;
“Bitcoin: 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.”
It then took a turn at the term “blockchain,” stating that:
“Blockchain: 1. A different bunch of computer code containing an unalterable record of a series of transactions. The most famous is a digital ledger recording all bitcoin transfers. 2. A word often uttered by companies hoping to snare investors’ attention — and dollars.”
This exact description reminds us of the prominent cryptocurrency critic Jamie Dimon, who has severally described bitcoin as a “fraud” and “scam,” which implies that it is only taken seriously by individuals that are less intelligent. These anti-crypto publications cannot deny the clear and existing generational division which is in existence on the topic of bitcoin and other cryptocurrencies.
Cryptocurrency and the Clash of Generations
Several reports from studies and surveys have shown that no other generation is as interested in Bitcoin and other cryptocurrencies as the Millennial, an examination into the demographic representation of AARP audience are the Baby Boomer.
Younger generation filled all the energy and the requisite drive to popularize the crypto culture but let’s take a look at this, the older Americans which are the prime target of all these anti-crypto publications have up to 10 times as much money in savings as millennials. The implication of this is that these publications can deter them from investing in crypto.