When I spoke with Dr. Patricia Bernard, a Baby boomer and asked her “Are there opportunities and are there Millennials, Gen-X, and Baby Boomers looking at cryptocurrency as a vehicle to investing? Or are we 10, 15, 20, or 25 years away from this perspective?” the first word that came out of her mouth was” ABSOLUTELY!”
Patricia Bernard. Ph.D. is a retired Department of Army, top government official; GS-15 specializing in leadership and logistics. She is a licensed real estate broker and investor for more than 20 years.
“Crypto is changing retirement. It’s another way of investing. A lot of people have been investing their money hoping to make more money,” she stated, initially.
Then Dr. Bernard, a very passionate and detail-oriented professional enlightened me about the influence of cryptocurrency in the United States and the world. She mentioned that Odell Beckham announced on Twitter he’s taking the new salary that he signed with his new club in the form of Bitcoin. His contract includes a base salary of $750,000. “It’s the start of a new era,” Beckham said in the video he released on Twitter.
Making the distinction between traditional investments and cryptocurrency, Dr. Bernard reveals, “A 401K is backed by the stock market. On the other hand, there is a great opportunity for people looking for a way to grow or multiply their money through the cryptocurrency concept. In simple terms, an individual has to decide to take their money and purchase cryptocurrency. To do that a person would have to select a crypto wallet, for example, Coinbase.
It’s digital money, it’s not tangible money in the pocket that you can touch. That may be why most Baby Boomers have been reluctant to explore it. They’re accustomed to traditional banking methods and traditional ways of accumulating wealth. Most Baby Boomers are ill-informed or totally ignorant of the concept of cryptocurrency. But Baby Boomers also have a dilemma when it comes to traditional investing due to the low-interest rates. Dr. Bernard shared that she had a $100,000 savings account nest egg in the bank for several years; and realized that all she had received was $40.00 of interest. She believes the same holds true for other Baby Boomers who are frustrated with the low yield on their money.
In more recent times, Baby Boomers are becoming increasingly interested in cryptocurrency, specifically bitcoins. According to Carolyn Bowler, CEO OF BTC Markets, an Australian cryptocurrency exchange the average initial deposit among Baby Boomers is $3,200.00. Baby Boomers (born between 1946 and 1964) now comprise 5% of their platform’s 325,000 customer base and are the 2nd highest after the 18 to 24 age range. More than 25% of exchange customers are investors over the age of 44 and have more money to invest. Those over 65 demographics had the highest average initial deposit of $3,200.00 and a portfolio size of $3,700.00.
The low-interest rates and minimal return of investments of traditional banking are key factors behind boomers looking for alternative ventures such as crypto assets. They are at a time in their lives when they have already accumulated wealth and assets and are well versed in investing in the traditional financial markets. Therefore, Baby boomers have no problems allocating a small percentage of their financial portfolios to cryptocurrency.
As we wind down our session, Dr. Bernard, who has been successful in the cryptocurrency arena and conducts weekly masterclasses specifically educating Baby boomers and Gen X’s, made the observation that her type of retirement received from the Department of the Army is no longer available to future employees. In her words, “Hell yeah, you better be looking for other ways to supplement your future retirement with passive income and cryptocurrency is an excellent way!”
She ended with a quote from Warren Buffet, Chairman and CEO of Berkshire Hathaway: “If you don’t find a way to make money while you sleep, you will work until you die.”
Dr. Bernard sleeps really well.