Thursday, November 9, 2017

Baby Boomers will have a hard time dumping their 401Ks as Millennials shun stocks for Bitcoin

America's retirement community is about to discover a hard road of few buyers as more and more Baby Boomers begin to have to sell their stock holdings now that many are moving on past the age of 71.

This is because as the IRS demands their cut of the pie for all those years of deferred tax obligations, the upcoming Millennial generation, who was expected to participate in the stock markets. are shunning equities for cryptocurrencies like Bitcoin in growing numbers.  And according to a new Bloomberg survey, 30% of Millennials would rather own cryptos over stocks.

Bloomberg reports that a survey by venture capital firm Blockchain Capital found that about 30 percent of those in the 18-to-34 age range would rather own $1,000 worth of Bitcoin than $1,000 of government bonds or stocks. 
Bitcoin is up over 600% year-to-date, 60 times more than gold, 30 times more than NASDAQ, and 5 times the rise of the Swiss National Bank's shares... 
While just 2 percent of Americans own or have owned the cryptocurrencyaccording to the survey, that investor base might get larger as millennials become the main investment force. At that point, U.S. regulators may have approved bitcoin ETFs, and the derivatives market might be somewhat mature, making it easier for the new bitcoin buyers. - Zerohedge

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