A third of over 50s are investing in cryptocurrency
6/8/2022, 05:28 PM
apse last week, which wiped out $30 billion (€28 billion) in value in a matter of hours, have made some asset managers wary of the sector.
More and more Americans are turning to cryptocurrencies to help fund their retirement, despite the recent market crash. A poll published last week by crypto exchange KuCoin found that 27% of Americans aged 18-60 have owned or traded crypto in the past six months. Even more surprisingly, 28% of those aged 50 and above are investing in crypto as part of their early retirement plans. The most popular reasons for investing in crypto were that they saw it as the future of finance, they didn't want to miss a hot trend, and they saw it as a way to diversify their portfolios. However, the market turmoil of recent weeks has caused many newcomers' investments to lose value. JP Morgan's Nikolaos Panigirtzoglou and his global strategy team said last week that the crypto mayhem had soured investor sentiment so much that certain metrics signalled a "good entry point for long-term investors". Using a model based on the volatility ratio of bitcoin to gold, the team estimate the "fair value" for Bitcoin at $38,000.
More and more Americans are turning to cryptocurrencies to help fund their retirement, despite the recent market crash. A poll published last week by crypto exchange KuCoin found that 27% of Americans aged 18-60 have owned or traded crypto in the past six months. Even more surprisingly, 28% of those aged 50 and above are investing in crypto as part of their early retirement plans. The most popular reasons for investing in crypto were that they saw it as the future of finance, they didn't want to miss a hot trend, and they saw it as a way to diversify their portfolios. However, the market turmoil of recent weeks has caused many newcomers' investments to lose value. JP Morgan's Nikolaos Panigirtzoglou and his global strategy team said last week that the crypto mayhem had soured investor sentiment so much that certain metrics signalled a "good entry point for long-term investors". Using a model based on the volatility ratio of bitcoin to gold, the team estimate the "fair value" for Bitcoin at $38,000.