5 common objections boomers have to crypto investing

It’s not surprising that there are some common objections boomers have to crypto investing. After all, it’s normal to be skeptical about new technology, especially for a generation that didn’t grow up with technology. Boomers’ concerns about cryptocurrency are valid and worth listening to – doing so can open up a conversation and help convince them that there is nothing to fear about crypto.

5 common objections boomers have to crypto investing

1. “Crypto is a risky investment. You’ll lose all your money.”

It’s true that the crypto market is more volatile than traditional stocks. But if you look at the long-term history of crypto’s growth, the trend has been steadily upward. For example, if you had invested $100 in Bitcoin in 2015, you would have seen an ROI of $23,347.91 by 2022. For most people, investing in crypto is a long-term game.

2. “I’m too old to learn crypto. I’m not good with technology anyways.”

Crypto can definitely seem complex, and it helps to have a basic understanding of the industry before you invest in a specific project. Thankfully, there are more beginner-friendly resources than ever to support the growing number of people interested in crypto. 

The increasing popularity of crypto has also resulted in many easy-to-navigate platforms to help you start investing, such as Coinbase. Opening an account on Coinbase is no harder than opening an account with a traditional investing platform.

3. “Crypto isn’t backed by anything – it’s valueless.” 

Crypto has been around for hardly more than a decade, so it makes sense to question where it gets its value. But when you think about it, money only has the value we place on it. For example, the U.S. dollar isn’t backed by anything tangible – its value comes from the government saying it has value and people accepting that. 

And technically, credit cards aren’t backed by money, either. But that doesn’t stop people from using them or trusting they have value. With crypto, people simply choose to say that something else has value. 

4. “Crypto is a fad. It will never become mainstream.”

While no one can say for sure how big crypto will be, the institutional investments that have gone into crypto indicate it is not just a fad. If it were, politicians wouldn’t take paychecks in it, local governments wouldn’t be trying to turn their towns into mining operations, and businesses wouldn’t be investing millions into blockchain technology. 

Crypto’s ability to help the unbanked and take power away from centralized authorities has powerful implications for the future direction of our current financial system.

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5. “Crypto isn’t secure – hacks happen all the time.”

Hacks are an unfortunate reality of the crypto world and one of the top concerns about cryptocurrency investment. However, they’re not as common as many think. Blockchain technology is incredibly secure because it’s based on cryptography and decentralization. 

The hacks reported in the news happen at exchanges, where hackers can break into a centralized point to steal customers’ data and crypto. Investors can reduce their chances of being hacked if they take proper, common-sense precautions. 

Objections to crypto investing in the future

The narratives surrounding crypto will continue to evolve as more people embrace it. It naturally takes time for people to accept new things, especially if those things can completely change the current way of life that we’re used to. As supporters of crypto, it’s important to address the objections boomers have to crypto investing to help them better understand it.