Boomers have felt the stoke of the post-WWII prosperity wave. They enjoyed booming industries, plentiful jobs, and rising wages and great surf. Financial success seemed easy for my father, the successful Baby Boomer, who enjoyed low housing costs when he bought his first house, and now a solid pension. To younger generations, Bitcoin and cryptocurrencies are the only chance to get even close to the fairy tale story of the baby boomer generation.
Here are the facts. Baby Boomers in the US hold 51% of the nation's wealth and enjoy substantial spending power, with an average annual expenditure of $63,325, surpassing younger generations. 22% of European Baby Boomers are among the top 25% of the wealthiest people. There will be a significant wealth transfer from baby boomers to younger generations within the next decade. Baby boomers are traditional in their ways of investing and are often critical of Bitcoin.
Here’s what I would like to say to baby boomers who are still questioning Bitcoin:
"Bitcoin is not backed by anything!" said a Boomer when I enjoyed a stay at his beautiful summer house on the west coast of Sweden.
At the time, I stumbled on my words. I could have said, ”Bitcoin is like a powerful, efficient energy source protected by strong encryption and supported by a global community.”
"Bitcoin is not controlled by anyone!"
Exactly. Unlike traditional financial systems, Bitcoin isn’t under the thumb of any central authority. It’s about promoting freedom and equality.
"Gold is better!"
Gold? Seriously? Sure, it’s shiny, but not particularly scarce. Bitcoin is absolutely scarce and far more durable. I dare the Boomer to try to pay for a morning latte with gold flakes.
"Bitcoin is too volatile!"
Have you seen the stock market lately? It’s like watching an over-caffeinated Jane Fonda doing Burpees. Yes, I know she was hot, but equities have been more volatile than Bitcoin in the last year or so. Bitcoin’s volatility is just a part of its growth.
"Governments will ban Bitcoin!"
Banning Bitcoin would be like trying to ban Oprah Winfrey from TV —good luck with that! Bitcoin leverages cost differences across the globe and isn’t tied to any one country. It actually operates beyond the reach of any single Boomer like Senator Warren in the US.
"But criminals use Bitcoin!"
Oh, please. That’s like saying the internet is only for surfing for porn. For the last time, Bitcoin’s public ledger is as transparent as the plastic raincoat that I once used at an Bruce Springsteen concert.
"Bitcoin uses too much energy!"
Yes, Bitcoin uses energy, but I keep telling Boomers that 54% of it comes from green sources. Meanwhile, legacy financial systems consume more energy without it even being questioned as an environmental issue.
"I hear, quantum computers will crack it!"
If, and, when quantum computers ever become a reality, Bitcoin will be the least of our worries. We’d have bigger issues to worry about, like securing nuclear codes from rogue states or hacks of the traditional financial system.
By the way, I hear gold is better in the case of the world coming to an end. But I still do not have any gold stored under my bed.
"Bitcoin is not anonymous like cash!"
True. Criminals should use cash to avoid getting caught.