This Organization Took Some Jabs at Bitcoin

Among the many criticisms of bitcoin and the broader cryptocurrency space is that these assets are not appropriate for retirees and their investment portfolios.

The American Association of Retired Persons (AARP) seems to agree. In a recent a post about various financial definitions, AARP laid into bitcoin, calling the largest digital currency “A bunch of computer code that a bunch of criminals, idealists and speculators agree is worth ‘real’ money. Sadly, its real-money value swings widely, making it impractical except for criminals, idealists and speculators.”

Compared to other financial assets, bitcoin is still young, but in its short lifespan, it has faced intense international regulatory scrutiny. A recent report by New York Attorney General Barbara D. Underwood’s office indicates some cryptocurrency exchanges are vulnerable to manipulation, a finding that some market observers believe could be a blow to bitcoin exchange traded funds winning regulatory approval.

Older Generations Not Comfortable With Bitcoin, Crypto

AARP’s criticism of bitcoin highlights the generational gap among adopters of digital currencies. Various data points indicate that while millennials are comfortable with bitcoin and other cryptos, the same is not true of older generations.

“More worrisome from the crypto industry’s point of view is that the publication of this kind of anti-crypto material in a medium aimed at an older demographic potentially exacerbates the clear and existing generational division that already exists on the topic of bitcoin and cryptocurrencies,” reports CCN.

Related: Fidelity Launches New Company Catering to Cryptocurrencies