New Delhi: If you thought crypto was just a young man’s game, think again.
More people in the United States are turning to cryptocurrencies to help with their retirement than ever before, it seems, even as the recent market carnage provides a clear reminder that it Wild Market is not for the faint hearted.
About 27% of Americans aged 18-60 – about 50 million people – have owned or traded crypto in the past six months, a survey published last week by crypto exchange Cuoco found.
According to a survey conducted in late March, older people are more devoted to the younger asset class than the general population, with 28% of people aged 50 and above betting on crypto as part of their early retirement plans Is.
His most popular take on investing in crypto was that he saw it as the future of finance, he didn’t want to miss a hot trend, and he saw it as a way to diversify his portfolio.
The market turmoil of recent weeks has led to the first talk in 2022 that bitcoin and other cryptos will win mainstream acceptance and enter pension plans.
“If they (investors) want crypto, it has to be a very small allocation of their portfolio, and they must be prepared to lose it,” said Eric Knutzen, chief investment officer for Multi-Asset Class Strategy at Neuberger Berman.
“We wouldn’t recommend it to everyone.”
Indeed, bitcoin is trading at around $30,000, down 60% from its November peak of $69,000. And a downturn in the market means many newcomers are investing in the deep red.
Nevertheless, crypto investors and analysts are watching hawks for any signs that bitcoin may bounce back.
JP Morgan’s Nikolaos Panigirtzoglu and his global strategy team said last week’s crypto catastrophe had dented investor sentiment so much that some metrics indicated a “good entry point for long-term investors.”
JP Morgan said bitcoin funds, including exchange-traded funds (ETFs), have seen the biggest outflows since May 2021.
Using a model based on the volatility ratio of bitcoin to gold, the team estimates a “fair value” for bitcoin at $38,000.
$100K or more
The KuCoin poll comes a week after the Fed’s poll of 11,000 adults found that 12% of Americans dabbled in cryptocurrencies as an investment in the past year.
It did not divide participants by age, but found that nearly half of those holding crypto for investment had an annual income of $100,000 or more, while nearly a third had an income of less than $50,000.
However, if old investors are in the new crypto vanguard, are asset managers rushing to meet this demand?
Fidelity Investments caused a stir in April when it announced that individuals would soon be allowed to allocate part of their retirement savings in bitcoin through their 401(k) investment plans.
“Fidelity always operates and makes decisions with the highest level of integrity and an unwavering commitment to our customers, including saving for retirement,” a Fidelity spokesperson told Reuters.
But if anecdotal evidence from a Reuters summit held last week in New York of investors and asset managers is any guide, it may have the 401k crypto market going for some time.
The general consensus was that crypto is prohibitively volatile for retirement purposes. Unless you are a sophisticated investor, such as a hedge fund, or are unwilling to swallow a hefty loss, it is best to steer clear.
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