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Boomers Are Boomering, While Bitcoin Plows Ahead

CryptocurrencyJul 17, 2021 08:00AM ET
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Boomers Are Boomering, While Bitcoin Plows Ahead

  • Boomers have a bad reputation for failing to adapt to new technology and remain the age demographic with the lowest Bitcoin adoption rates.
  • Bitcoin is paying no heed to skeptics as it picks up itself and plows ahead, despite regulatory impediments.
  • Visa (NYSE:V) are set to approve bitcoin spending cards, while Lightning Network continues its rise to the top.
  • Tesla’s decision to purchase Bitcoin may have resulted in some pretty impressive gains for the automobile manufacturer.

Bitcoin’s stiffest critics have typically been in the boomer demographic, and consequently account for less than 10% of bitcoin users. The asset has faced a combination of harsh criticism and regulatory challenges which have led to spiralling prices and 6-month lows.

Bitcoin nevertheless marches on, racking up multiple small victories as adoption of cryptocurrencies is gradually increasing. Visa is all set to issue a BTC debit card, while the Bitcoin Lightning Network has doubled its growth. In other news, it seems like Tesla’s business with Bitcoin is far from finished.

Boomering Boomers

Millennials and Gen Zers account for over 94% of Crypto buyers as adoption rates continue to climb. Yet the asset has not found favour with boomers, who prefer to stick with traditional investment options, such as stocks.

Presently, boomers represent only a fraction of Bitcoin users, with the exact figure being less than 10%. Boomers are also the most vocal critics of Bitcoin with Janet Yellen and Warren Buffet leading the crusade for Bitcoin antagonists.

Bitcoin prices met a major slump, falling from their all-time high of $64,863 to sub $29K levels. Many believe the blame lies with the anti-crypto sentiments harboured by the Chinese government as a full-scale crackdown ensued.

In China, banks and other financial institutions were banned from facilitating crypto transactions, while regulatory agencies in the UK and Japan took decisive measures to stifle the operations of Binance, the largest cryptocurrency exchange in the world.

The Financial Conduct Authority (FCA) of the UK stated that the exchange is not permitted to undertake any regulated activity in the country, while Japan’s Financial Services Agency has issued a stern warning to Binance, stating that it is not authorized to carry out operations.

Rising Adoption Rates

Bitcoin adoption rates are steadily on the rise after months of lacklustre price performance. The move by the legislative house of El Salvador to give Bitcoin the status of legal tender was received with great pomp and pageantry in the Bitcoin community.

In other related developments, payment giants Visa have unveiled plans to issue a BTC debit card in Australia. The card will allow users to spend major cryptocurrencies like BTC, ETH, XRP, and Bitcoin Cash, a development which will open up the frontiers of adoption.

On The Flipside

  • Tesla (NASDAQ:TSLA) has fallen from the ranks of “big tech” in recent weeks with experts pinning the blame on Bitcoin.
  • The 20-day correlation between Tesla’s price and the Nasdaq 100 index saw a slump from 0.83 to 0.14.

Tesla’s Bitcoins: How Much Are They Worth Now?

In February, Tesla shocked the world with the revelation that they had bought $1.5 billion worth of BTC. At the time of purchase, Bitcoin was trading at around $35,000, so the purchase of $1.5 billion’s worth added 42,674 BTC to the coffers of the company.

A few months later, the company sold 10% of the BTC “to test liquidity,” seeing whether or not BTC could be sold without moving the market. $272 million worth of BTC was sold by Tesla, leaving 38,406 BTC in the vault.

Elon Musk took to Twitter to clarify that the move was not to manipulate the market but just to test liquidity. With Bitcoin prices hovering at around $32K, Tesla’s remaining 38,406 BTC is worth around $1.2 billion.

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Boomers Are Boomering, While Bitcoin Plows Ahead
 

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Comments (1)
Johnny Crash
Johnny Crash Jul 17, 2021 8:41AM ET
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Bitcoin does 3 transactions per second, this is the future? Anyone that claims 3 transactions per second is the future is a fool. Bitcoin is a proof of concept and was never designed to scale up as much. BanditCoin is a dead duck
Kelvin Hayes
Kelvin Hayes Jul 17, 2021 8:41AM ET
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Apparently they struggle with reading comprehension and laziness, too.Look up what Lightning network at 1 million transactions per second means.
 
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