Let's do the math! Baby Boomers have, on average, a retirement savings of $88,000. 1% of that is $880. There are approximately 65,000,000 Baby Boomers. 1/10,000 of that number gives us 6,500 Boomers. $880 X 6,500 = $5,720,000. The current exchange rate is 1 BTC/$4.80 USD Therefore, $5,720,000 equates to 1,191,666.67 BTC, or about 15% of all coins currently in circulation.
Granted, as more and more Boomers lock in $880 worth of bitcoins, the price for coins will inevitably start climbing, thus allowing the early Boomers who purchase more leverage.
I think this can be explained to a Baby Boomer a lot easier than one of those damn gold prospectuses.
Here's what I would do. Place a one page Bitcoin Prospectus and a glossy, multi-paged Gold Prospectus in front of a Baby Boomer. If the Bitcoin Prospectus is written well and read first, the Baby Boomer should go with that option without even flipping a page of the Gold Prospectus. To hedge your bet that this will happen, have an image of a model on the cover of the one page Bitcoin Prospectus, and an image of Ben Bernanke on the cover of the Gold Prospectus.
~Bruno~
Granted, as more and more Boomers lock in $880 worth of bitcoins, the price for coins will inevitably start climbing, thus allowing the early Boomers who purchase more leverage.
I think this can be explained to a Baby Boomer a lot easier than one of those damn gold prospectuses.
Here's what I would do. Place a one page Bitcoin Prospectus and a glossy, multi-paged Gold Prospectus in front of a Baby Boomer. If the Bitcoin Prospectus is written well and read first, the Baby Boomer should go with that option without even flipping a page of the Gold Prospectus. To hedge your bet that this will happen, have an image of a model on the cover of the one page Bitcoin Prospectus, and an image of Ben Bernanke on the cover of the Gold Prospectus.
~Bruno~
Did boomers listen to Phinnaeus Gage when he posted this on March 21, 2012? If they did $880 would have been 183 BTC during that post which is now worth $82,802 (Assuming they went into a coma after spending $880) today. If they paid attention, that would be more or less $219,600 in 2013.
Do we have better materials now to present to Boomers?
The reality is that Boomers aren't really subject to change or take a chance that much. I'm sure if you presented the same person that Phinnaeus Gage presented this too (if he actually did), then the person will probably feel discouraged to go into bitcoin, because that $880 that a boomer could have invested will only get the person less than 2 BTC, rather than getting the 183 BTC they could have gotten.
I don't think Boomers are going to look at Bitcoin as currency, just merely a speculative stock that they can't or won't want to learn about. When you present them with gold, they can at least wrap their minds around why it would be beneficial to them to invest there, because it's way less volatile/risky.
I've tried to influence my parents and other family that are on the older side to buy into bitcoin around this time, and they just merely laughed and scoffed at me. They are just looking forward to collecting their social security checks and living happily ever after. So I just kind of stopped trying to attempt to explain my view point, and just worry about my self now.
