AARP Tells Retirees that Bitcoin is Mainly Used by ‘Bunch of Criminals’

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AARP (American Association of Retired Persons) posted a rather bizarre definition of bitcoin in an awkwardly worded article published on their website Wednesday, Oct 10th.

In a slideshow titled “Improve Your Financial Literacy With This Glossary“, AARP posts a rather heavy dose of contempt when describing bitcoin and blockchain, while other more institutional terms like “emerging markets” and “exchange traded funds” were defined a standard financial definitions.

Bitcoin: Criminals, Idealists, and Speculators?

After defining the term “asset allocation” in a level headed manner, the article moves on to bitcoin, describing the cryptocurrency with a few choice words. The language used is both inaccurate and dismissive.

The post reads…

““Bitcoin: 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.”

and also defines blockchain as…

“Blockchain : 1. A different bunch of computer code containing an unalterable record of a series of transactions. The most famous is a digital ledger recording all bitcoin transfers. 2. A word often uttered by companies hoping to snare investors’ attention — and dollars.”

Language used to describe these terms is very reminiscent of crypto skeptics like Jamie Dimon, who has described Bitcoin as a scam and implying that only “less intelligent people” take it seriously.

What we find more disturbing is that the juvenile nature of this article is aimed at the older demographic which can potentially exacerbate the existing generational division that already with bitcoin and crypto.

Clash of the Generations

A survey posted by Circle last month shows that 25% of millennials have expressed serious interest in purchasing cryptocurrency over the next year. This is 10X the rate of Baby Boomers, which is obviously the vast majority of AARP users.

While the younger demographic will inevitably drive the popular culture of crypto to mainstream adoption, the continued anti-crypto stance expressed by AARP and other more traditional financial institutions could harm crypto investing in the short term by discouraging older Americans who typically have 10X the amount of investment capital as millennials.

Author: Cryptobonx

Cryptobonx is a Crypto –Currency and Blockchain Enthusiast.He is a believer of transforming complex information into simple, actionable content.

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