As retirement age approaches for baby boomers and Gen Xers, the reality of under-saving is setting in and some are looking toward cryptocurrency to make up for lost time, according to data from a platform that allows crypto investments for retirement accounts.
“There’s the growth and return rates that are appealing to older folks who are looking to catch up,” said Chris Kline, co-founder and chief operating office of Bitcoin IRA. “Or, grow out and scale their retirement planning.”
Half of Bitcoin IRA’s user base is 55 and up, according to data exclusively shared with Yahoo Money, while over three-quarters of its 100,000 users are over age 45 — upending the stereotype that digital currency is a young person’s game.
Given crypto’s ability to capture headlines as prices boom and bust, these investors are looking for “sizzle and excitement” that old guard investment vehicles like 401(k)s, IRAs, and stocks don’t offer, Kline said. They also want a more hands-on approach with their investments, instead of simply selecting mutual funds or index funds from an employer’s retirement plan menu.