[2019-11-13] Bitcoin Getting Favored by Retirees in Australia Despite Volatility

veleten

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Quote from: LeGaulois on November 13, 2019, 05:47:32 PM

The title is quite misleading. It gives readers the feeling that senior people in this country are investing in cryptos but here is a quote directly from the survey that kills everything then.

Quote

about 2.5 percent of retirees in Australia intend to get some crypto in the next half-a-year.

[/b]

All this for only 2.5%... and they intend, not they did.

That said, I know someone there, he's 68 years old and someone very active on the internet. He never wanted to believe in Bitcoin potential, since about 2017 he collects free bitcoins from faucets and other earnings websites Cheesy

as usual another clickbait article , they don't even bother now and get any fact that is remotely looking like connected to bitcoin and present it as a statement
getting favoured and 2.5% of retirees is contradictory at best , I'd say they consider bitcoin as something they will not try
and this is not about 2.5% investing or actively trading or holding , this is PLANNING to , subtract 50% from this figure and you will see that only 1% of retirees in Australia will be buying coins
so much for "getting favored" Grin

can't say about Australia , but where I live no people I know that are > 60 years old are planning to invest in bitcoin or even consider such a foolishness
and I spoke to quite a few , it is safe to say that 3/4 of them haven't heard about it and the remaining 25% heard about it but do not consider it as something worth talking about at all , sadly
they are very cautious about their money and investments and not willing to take risks as much as the younger people

BitHodler

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Quote from: audaciousbeing on November 20, 2019, 04:27:20 AM

For me, no matter the population involved, the take out is to celebrate the spread that we have come to know that the use of crypto has now gone beyond the category of millenials and now touching people that have gone ahead of us.

It's great that there seems to be some interest in Bitcoin from those beyond the category of millenials, but that doesn't mean much right now because crypto as a whole as mentioned before is sentiment driven.

The only thing it takes to get people (category doesn't really matter) to be interested in Bitcoin, stocks, gold, and so on, is the price to go up and have the media cover the increases for a while.

I want people to be interested in Bitcoin for what it is, and not for the price movements, because all these people currently think that Bitcoin is great when it goes up, but it sucks balls when it goes down because they lose confidence.

audaciousbeing

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Quote from: bL4nkcode on November 13, 2019, 10:25:12 AM

Bitcoin Getting Favored by Retirees in Australia Despite Volatility: Report

A report made by the crypto exchange Independent Reserve says that Australians in their mid-sixties are more and more often turning their glance towards crypto, such as Bitcoin and Ethereum, as their retirement investment.

https://u.today/bitcoin-getting-favored-by-retirees-in-australia-despite-volatility-report

The real question is who are these set of retirees before we begin to make some conclusions that the entire retirees in Australia are turning towards crypto. I am sure the set of people involved in this case would have been people who during their working years are known to be risk takers, who are not afraid of trying new things are the same time go out to seek knowledge about the best cause of action before investing money into it now that they might not get the chance to recoup fast if the investment go bad now that they are out of work. For me, no matter the population involved, the take out is to celebrate the spread that we have come to know that the use of crypto has now gone beyond the category of millenials and now touching people that have gone ahead of us.

stomachgrowls

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Quote from: hello_good_sir on November 14, 2019, 12:05:02 AM

Quote from: stomachgrowls on November 13, 2019, 05:29:09 PM

Quote from: hello_good_sir on November 13, 2019, 03:48:45 PM

Even though the stats here are likely way out of date, with there likely being of bias when it comes to conducting these surveys, I don't doubt that bitcoin is quickly becoming fairly popular for the growing Australian population.

It's already a fact that a lot of the venture funds or retirement fund managers are starting to lean toward the crypto side of things, and the Australian government is handling it very well, and allowing the currency to actually see some use and flourish, mostly leaving it to the companies to pick and choose.

Its not actually bias but rather it wont really be that accurate and as said above this do only being surveyed by just hundreds of those retirees.

I'm saying it's biased because the article might be written by someone who supports bitcoin, and therefore wants more people to do as well. This could result in him/her picking people out of advanced populations, out of the richer people who have funds to blow on investments like crypto-currency.

It would be impossible to do very accurate survey on this, there are way too many factors (here are some examples).

- Location (no-one in a rural area is going to have BTC)
- Age (younger people are more likely yo have BTC, although doesn't apply here)
- Socioeconomic Status (obvious reasons)

Yeah you got those points and i agree with that but even though its either biased or not but at least he do make some positive PR on here.

Retirees do really love to gamble out their savings thru crypto investment but it isnt actually a bad choice though.

gameristo

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Quote from: LeGaulois on November 13, 2019, 05:47:32 PM

The title is quite misleading. It gives readers the feeling that senior people in this country are investing in cryptos but here is a quote directly from the survey that kills everything then.

Quote

about 2.5 percent of retirees in Australia intend to get some crypto in the next half-a-year.

All this for only 2.5%... and they intend, not they did.

That said, I know someone there, he's 68 years old and someone very active on the internet. He never wanted to believe in Bitcoin potential, since about 2017 he collects free bitcoins from faucets and other earnings websites Cheesy

---------

Getmon

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Quote from: bL4nkcode on November 13, 2019, 10:25:12 AM

Bitcoin Getting Favored by Retirees in Australia Despite Volatility: Report

A report made by the crypto exchange Independent Reserve says that Australians in their mid-sixties are more and more often turning their glance towards crypto, such as Bitcoin and Ethereum, as their retirement investment.

https://u.today/bitcoin-getting-favored-by-retirees-in-australia-despite-volatility-report

This is another case of a survey that will not pass even a secondary school research subject. I don't how this survey was planned, conducted, and interpreted by the persons involved in this study. I don't even know if this is even considered a study in the proper sense of the word study. If this is a study then I am sure this is haphazardly done and did not arrive at the truthful data.

1Referee

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Quote from: error08 on November 16, 2019, 05:41:23 AM

A report made by the crypto exchange Independent Reserve
When someone registers on an exchange, to deposit and withdrawals fiat currency people have to comply with the KYC policy, or at least submit the id.
An exchange knows who buys and sells bitcoin, including their age, which explains the method of the survey and what they are planning to do with the pension funds in retirement.

Fair enough, but even that isn't something that we can extract value from. How can we be sure that this exchange doesn't just make stuff up? They have an incentive as exchange to paint a brighter picture than what the reality is, and that alone doesn't sit well with me. If over-regulated banks make stuff up, what prevents a simple crypto exchange to do so? Nothing I would say.

I find the general mass sentiment to be more of an indicator of what the dumb money is thinking. Price up generally means that people are bullish and are likely to spend a part of their next paycheck on more Bitcoin. People had all the reason to be bullish some months ago, but I'm pretty sure that this sentiment reversed.

I don't think there are many retirees now thinking that it will be a great plan to allocate some funds to Bitcoin in the not so distant future. It will happen again when we have been going up for a few months straight.

pixie85

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Quote from: error08 on November 16, 2019, 05:41:23 AM

Quote from: 1Referee on November 13, 2019, 03:12:33 PM

2.5% of the retirees intend to get some crypto in the next half year? I find that hard to believe as that generally is the category to not pay much attention to speculative assets such as crypto.

I wonder how they exactly measured that. Probably just another survey with a few hundred participants, and they were probably excited (read, more bullish) due the increase some months ago. I'm quite sure that if the survey was conducted today the results wouldn't be completely different. Common joes like to buy what they see go up, but ignore what goes down.

A report made by the crypto exchange Independent Reserve
When someone registers on an exchange, to deposit and withdrawals fiat currency people have to comply with the KYC policy, or at least submit the id.
An exchange knows who buys and sells bitcoin, including their age, which explains the method of the survey and what they are planning to do with the pension funds in retirement.

Instead of asking them to participate in the survey they're processing their private data for purpose of marketing and research. This is why you shouldn't do KYC people.
Most people think their ID gets read once by an employee who presses a green or red button and the ID gets deleted. That's what many of these exchanges are telling us that our documents will be deleted after verification.

This is strange that old people are choosing crypto. When you're older you usually don't have the nerves to risk your money.

error08

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Quote from: 1Referee on November 13, 2019, 03:12:33 PM

2.5% of the retirees intend to get some crypto in the next half year? I find that hard to believe as that generally is the category to not pay much attention to speculative assets such as crypto.

I wonder how they exactly measured that. Probably just another survey with a few hundred participants, and they were probably excited (read, more bullish) due the increase some months ago. I'm quite sure that if the survey was conducted today the results wouldn't be completely different. Common joes like to buy what they see go up, but ignore what goes down.

A report made by the crypto exchange Independent Reserve
When someone registers on an exchange, to deposit and withdrawals fiat currency people have to comply with the KYC policy, or at least submit the id.
An exchange knows who buys and sells bitcoin, including their age, which explains the method of the survey and what they are planning to do with the pension funds in retirement.

bbc.reporter

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Quote from: Lucius on November 15, 2019, 06:43:06 AM

bbc.reporter, my money is just mine, and I can do with it whatever I want, throw it in the river, invest in Bitcoin or store it under a mattress. But when we look at how Bitcoin has progressed in terms of price in the first ten years of its existence, those who invested only 3-4 years ago could profit 100 to 200 times on their investment.

If I'm 50, why not risk some of the money for potentially more enjoyable retirement life, than trusting in a pension system that is in big trouble. Small pensions and an increase in working life to 67 (in the EU) with the encouragement of retirees to working after retirement, only means that people will go directly to the cemetery from work.

I do not care where you invest your money. I was talking about the articles that make it appear that retirees' investing in bitcoin is always advisable. Those articles are hyping to encourage pumping which will always certainly go on to the dumping.

Lucius

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bbc.reporter, my money is just mine, and I can do with it whatever I want, throw it in the river, invest in Bitcoin or store it under a mattress. But when we look at how Bitcoin has progressed in terms of price in the first ten years of its existence, those who invested only 3-4 years ago could profit 100 to 200 times on their investment.

If I'm 50, why not risk some of the money for potentially more enjoyable retirement life, than trusting in a pension system that is in big trouble. Small pensions and an increase in working life to 67 (in the EU) with the encouragement of retirees to working after retirement, only means that people will go directly to the cemetery from work.

CryptoBry

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Quote from: bL4nkcode on November 13, 2019, 10:25:12 AM

A report made by the crypto exchange Independent Reserve says that Australians in their mid-sixties are more and more often turning their glance towards crypto, such as Bitcoin and Ethereum, as their retirement investment.

As pointed by many replies to this post, this survey may not really be that reliable and hence nothing should be concluded here. However, just like any group of people, I am sure of the retirees have heard about cryptocurrency particularly Bitcoin and Ethereeum and I am sure also that there can be some of them who are thinking of joining us here, putting a little of the money they have to invest with cryptocurrency. I heard of a news before of a fund management company which is representing clients like retirees and that fund is staking a certain percentage of their total assets under management to Bitcoin. Maybe what we should avoid is to have hypes coming in to this community and led some of them to think that growth in Bitcoin or any cryptocurrency is always positive because we know the risk of this volatile market.

bbc.reporter

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@Lucius. Agreed. However, the way articles are written on the topic of bitcoin used to hold retirement funds makes it appear that holding bitcoin is good and advisable. Those retirees might only be gambling with their savings for that one last try.

Lucius

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Quote from: bbc.reporter on November 13, 2019, 09:12:56 PM

I reckon that they might also be using bitcoin as a speculative one last try on becoming multimillionaires and live without financial worries.

Well, who wouldn't want to be a millionaire, even for the last few years of life. Although this is not the only reason older people would invest in Bitcoin, some just want to leave something to their children and grandchildren. Although the elderly population is not too prone to risky investments, some have nevertheless come up with information about new opportunities.

Although risk always exists, for me personally Bitcoin is quite a logical investment for the old days. I think more and more people will start thinking in that direction, especially after the next ATH.

magneto

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It shouldn't be a surprising trend given the fact that Australia removed double taxation of cryptocurrencies a few years back, being one of the series of countries that performed the same move in removing GST on BTC sales.

Also, with the retiree generations becoming more tech literate, it's obvious that they would grow increasingly comfortable with putting their savings into BTC as opposed to older generations.

The volatility part of BTC is much short term compared to what retirees look for, which is long term sustained growth, which is all BTC has done thus far.

sureshverma

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Bitcoin may still be of interest to the elderly as a way of investment.

Kakmakr

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It is a wise choice to take a small portion of your retirement budget to invest in high risk investments like Bitcoin, because your portfolio should include something that would boost your retirement income for the future.

It is a bad decision to go all in with a high risk investment option like Bitcoin, when you reach retirement age, because you do not have enough time left to recover, if it fails.

Tip : Just use a small amount of all the money that you planned to invest and buy some bitcoins. Wink

hello_good_sir

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Quote from: stomachgrowls on November 13, 2019, 05:29:09 PM

Quote from: hello_good_sir on November 13, 2019, 03:48:45 PM

Even though the stats here are likely way out of date, with there likely being of bias when it comes to conducting these surveys, I don't doubt that bitcoin is quickly becoming fairly popular for the growing Australian population.

It's already a fact that a lot of the venture funds or retirement fund managers are starting to lean toward the crypto side of things, and the Australian government is handling it very well, and allowing the currency to actually see some use and flourish, mostly leaving it to the companies to pick and choose.

Its not actually bias but rather it wont really be that accurate and as said above this do only being surveyed by just hundreds of those retirees.

I'm saying it's biased because the article might be written by someone who supports bitcoin, and therefore wants more people to do as well. This could result in him/her picking people out of advanced populations, out of the richer people who have funds to blow on investments like crypto-currency.

It would be impossible to do very accurate survey on this, there are way too many factors (here are some examples).

- Location (no-one in a rural area is going to have BTC)
- Age (younger people are more likely yo have BTC, although doesn't apply here)
- Socioeconomic Status (obvious reasons)

bbc.reporter

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I reckon that they might also be using bitcoin as a speculative one last try on becoming multimillionaires and live without financial worries.

jseverson

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Here's the article that OP's article cited, which has more information:

https://thenewdaily.com.au/money/superannuation/2019/11/13/bitcoin-super-smsf-cryptocurrency/

Anyway, it's a survey conducted by an exchange. I can't find their methodology, but I'd say it's likely that the people they surveyed trend towards being interested or at least are keeping an open mind towards crypto. Boomers seem to be closed minded towards technology in general, so I'm taking these results with a grain of salt.

Topic: [2019-11-13] Bitcoin Getting Favored by Retirees in Australia Despite Volatility (Read 289 times)