Millennials invest in crypto as a form of 'pension savings'

in #cryptocurrency4 years ago

Crypto is still an interesting investment

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There is one large group that is more busy with crypto than the rest, namely the millennials. A group of (young) adults that has been raised with the internet, computers and other technological developments. It is also these people who are not really concerned with the traditional way of saving pension. They prefer technology over banks.

Save for your pension through a financial institution? That seems to be a thing of the past if we have to believe the millennials. Fewer and fewer young people trust the traditional banking system and prefer to manage their own money instead of letting the bank do it.

Most millennials, people born between 1980 and 2000, do not save for retirement. In February 2018, the National Institute on Retirement Security published a study showing that 95 percent of millennials do not save enough for their retirement. More than 66 percent of working millennials do not save anything for their pension.

Future

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They are more attracted to technology and crypto instead of turning to financial institutions. In fact, 20 percent of university students use money from their student finance to buy bitcoin and other digital coins.

And that's because they believe in the future of blockchain and crypto coins, despite the high risks involved. Jeremy Gardner, managing partner at Ausum Ventures, thinks we are at the beginning of a major financial revolution that will change our way of doing things.

"As a millennial, I personally put much greater faith in scarce digital assets that are determined by math and auditable code, rather than a group of bankers at the Federal Reserve."

Pension saving

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For example, there are already platforms where you can make pension savings through investments in crypto. The 'Auctus Platform' is such an initiative where you can invest money in a fund that consists of traditional assets and crypto-investments with the aid of smart contracts.

Financial experts express their concern about the addition of digital coins in pension savings funds. Their advice is that digital currencies are currently not allowed to be a big part of your 'savings plan' because the crypto market is still insufficiently stable and regulated.

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This seems to be a really bad plan. Because it's not really an investment but more a bit of a gamble.

The article states that 6% would consider to invest in crypto for their retirement savings. Considering is something else then really doing. So it looks like the percentage of really doing so is close to zero.

Hello sir, thank you for your comment. Although I think you were reading too fast. The article does not mention that 6% would consider to invest in crypto. The article states that 66% of millenials does not have any pension savings.

I think a lot of millennials actually do invest in cryptocurrency. It's the older generation that is totally not interested in cryptocurrency and will fall behind at some point when the market floods with money (of course this is the ideal scenario for a cryptocurrency investor like myself). Nobody can guarantee what the future brings but it's certain that crypto isn't going anywhere and as the younger generation is more interested in crypto investments and earns more money over time in general we can expect this market to gain more fuel over time, maybe slowly, maybe really fast.

There are a gazzillion of reasons why the price of crypto and bitcoin in particular can rise so much more, the limitted supply for example. I just think it's a nice investment to have on the side but indeed it's stupid to invest too much of your savings in there as it can still be considered a risky investment.

Did I interpret this part incorrectly?

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It would have been nice if you mentioned you were talking about the source of the article...

Sorry about that.but I thought you would know as you read both this articles.

The title of your post is really suggesting they do invest in crypto for their pensions. But it looks like that barely happens.

Clickbait lol you can love it & you can hate it :)

But I appreciate your comment and I have to say you are correct. I will pay attention to this in future articles.

As long as one is diversified...a crypto wedge of one's portfolio is a good thing.

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