Jun 3, 2022
More people in the United States than before are turning to cryptocurrencies to help fund their retirement.
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Some 27% of Americans aged 18-60 - 50 million people - have owned or traded crypto in the past six months.
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A recent poll by KuCoin says older folk are more devoted to the young asset class than the general population.
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28% of those aged 50 and above were shown as betting on crypto as part of their early retirement plans.
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One of their most popular reasons for investing in crypto was that they saw it as the future of finance.
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Some didn't want to miss a hot trend, while some others saw it as a way to diversify their portfolios.
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The recent market carnage, however, provides a stark reminder that crypto is not for the faint-hearted.
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Bitcoin is trading at around $30,000, down 60% from a peak of $69,000 in Nov. Newcomers are in the red.
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So experts advise this: Crypto is too volatile for retirement purposes. Unless you can take a huge loss.
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