A survey was conducted recently in the German states of Hesse and Saxony regarding people’s feelings about Bitcoin. 1,000 people from different age ranges took part in the survey. The results of the survey were not surprising.
The survey showed that young people are much more open to the idea of using Bitcoin and other cryptocurrencies. 28% of people aged 18 to 29 said the idea of purchasing cryptos would be “conceivable”.
Respondents from all age ranges considered investing in cryptos to be “risky”, with people aged 30 to 39 considering cryptocurrency dangerous 50% of the time.
The results of the survey does not differ significantly from a survey that was conducted globally 3 years ago by BitcoinsInIreland.com. In that survey, it was found that most crypto investors were born from the1980’s onward and had been investing for less than two years.
The results of these kinds of surveys is showing that older people aren’t comfortable with crypto investing just yet.
Why do older people shy away from cryptos?
There are several possible reasons older people are reluctant to invest in cryptos. The volatility of cryptos means that many people consider investing in cryptos to be too risky. This is a big issue, as it seems unlikely to change in the near future.
The fact that cryptos aren’t physical can also be off-putting for older generations. Even as many countries are moving towards becoming completely cash-free, not being able to physically touch their money remains an issue.