The AARP [American Association Of Retired Persons] on its official website recently published a slideshow titled ‘Improve Your Financial Literacy With This Glossary,’ in which a significant dose of contempt is specifically reserved for the outline of Bitcoin [BTC] and Blockchain Technology, whereas other terms like ‘Emerging Markets’ and ‘Exchange-Traded Funds’ are outlined employing regular financial language.
AARP’s Definition Of Bitcoin And Blockchain
After starting with a level-headed definition of the term [Asset allocation], the AARP article moves on to bitcoin, describing it with a couple of alternative words that are at once dismissive and inaccurate.
Adding further the AARP post reads:
“Bitcoin – A bunch of code that a bunch of criminals, idealists and speculators agree is worth real cash. Sadly, its real-money worth swings widely, creating it impractical apart from criminals, idealists and speculators.”
Stating the term “blockchain,” the AARP post further reads:
“Blockchain – 1. A distinct bunch of code containing an unalterable record of a series of transactions. the foremost illustrious may be a digital ledger recording all bitcoin transfers. 2. A word typically expressed by firms hoping to snare investors’ attention — and money.”
The AARP language used describing these terms is like that employed by prominent crypto skeptic ‘Jamie Dimon’, who has severally represented bitcoin as a “fraud” and a “scam,” implying that it’s solely taken seriously by less intelligent individuals. Additionally worrisome from the crypto industry’s purpose is that the publication of this type of anti-crypto material in a medium is aimed toward an earlier demographic probably exacerbates the clear and existing generational division that already exists on the subject of bitcoin and digital currencies.
Crypto’s and Clash of Generations
A survey report revealed last month by Circle shows that around 25% of millennials have expressed interest in cryptos over the upcoming years. This can be over ten times the speed for questionable Baby Boomers, who compose the overwhelming majority of the demographic portrayed by the association.
While this might appear to be a self-solving issue as younger individuals can inevitably drive fashionable culture and build crypto adoption thought in keeping with the statistics, the continuing anti-crypto stance of the many who are used to ancient financing, as illustrated by the AARP article, might damage crypto investment within the short term by discouraging older Americans — which generally have up to ten times of money in savings compared to the millennials from investing in digital industry.