This is a tense moment for BitCoin and the cryptocurrency market. Everyone seems to be waiting on the other shoe to drop but these same folks expect a decent run to ATH for before the fall. The best is yet to come!
Here’s the honest truth. We can’t get to ATH without your dad and mom and uncle pitching in. The Boomers need to show up and we need to bring them to the game!
I remember a conversation I had with a friend of my parents. We were talking about Bitcoin and I asked if he had bought any.
“What’s it cost right now, like $50K? No way I can afford a single token.” he said.
It was an eye-opening moment. Fractional ownership in world of stocks and bonds is a foreign concept. And that’s just tip of the iceberg. The education curve for crypto is very high and here’s the rub — Crypto won’t survive until they convince the generation with the greatest proportion of wealth to join up. To do that there’s gonna be a lot of hand-holding.
For some of these coins to survive they’re going to need some older and wiser hands — if not at the helm then in the tranches. There is no way you can sustain a coin on the $20 that the average Twitch user will throw in every paycheck. Institutional folks will be there for sure but if this truly about building currencies for the people — we need people to show up who have some money to spend.
I spoke to a team member of one of the hype coins the other day. Someone from one of the big financial firms had messaged them over LinkedIn. “Call me.” The guy was in firm’s department of fraud. The coin guy freaked out a bit but called him anyway. The finance guy asked straight up:
“I’ve got 10 guys here who want to throw in $5K each on your coin but we have no idea how to buy this thing!”
Your dad and uncle might eventually sign up for CoinBase or if Merrill Lynch finally lets you buy $BTC — then Boomer adoption could be on the way. You could put most of my fellow GenX-ers in this boat as well. But here’s going to have to be a LOT of FOMO to motivate these folks through the pain points of buying crypto on their own accord— let along understanding it.