The AARP [American Association Of Retired Persons] on its official website recently published a slideshow titled ‘Improve YourFinancialLiteracyWith ThisGlossary,’ in which a significantdose of contempt is specifically reserved forthe outlineof Bitcoin [BTC] and Blockchain Technology,whereasotherterms like ‘Emerging Markets’ and ‘Exchange-Traded Funds’are outlinedemployingregularfinanciallanguage.
AARP’s Definition Of Bitcoin And Blockchain
Afterstartingwith a level-headed definition of the term [Asset allocation], the AARP article moves on to bitcoin, describing it witha couple ofalternativewords thatare at oncedismissive and inaccurate.
Adding further the AARPpost reads:
“Bitcoin – A bunch ofcodethat a bunch of criminals, idealists and speculators agree is worth realcash. Sadly, its real-moneyworthswingswidely,creatingit impracticalapart fromcriminals, idealists and speculators.”
Stating the term “blockchain,” the AARPpost further reads:
“Blockchain –1.A distinctbunch ofcodecontaininganunalterable record of a series of transactions.the foremostillustriousmay be adigital ledger recording all bitcoin transfers. 2. A wordtypicallyexpressedbyfirmshoping to snare investors’ attention — andmoney.”
The AARP languageuseddescribing these terms islikethatemployed byprominentcryptoskeptic‘Jamie Dimon’,whohas severallyrepresentedbitcoin as a “fraud” and a “scam,” implying thatit’ssolelytaken seriously by less intelligentindividuals.Additionallyworrisome from the crypto industry’spurposeis that the publication ofthis typeofanti-crypto materialin amedium isaimed towardan earlier demographicprobablyexacerbates the clear and existing generational division that already exists onthe subjectof bitcoin and digital currencies.
Crypto’sandClash of Generations
A survey reportrevealedlast month by Circle shows thataround 25%of millennials have expressed interest in cryptos over the upcoming years.This can beovertentimesthe speedforquestionableBaby Boomers,whocomposetheoverwhelming majorityof the demographicportrayedby theassociation.
Whilethis mightappearto be a self-solving issue as youngerindividualscaninevitably drive fashionable culture andbuildcrypto adoptionthoughtin keeping withthe statistics, thecontinuinganti-crypto stanceof the many who are used toancientfinancing, as illustrated by the AARP article, might damagecrypto investmentwithin theshort term by discouraging older Americans —whichgenerallyhave up toten times of moneyin savings compared to the millennials frominvestingin digital industry.