In the immortal words of the great Baby Boomer-generation poet and Nobel Prize winner Bob Dylan, “The times they are a changin’.” Well, the times never did stop a-changin’ for their generation — or anybody else’s, from what I can tell.
One global change that’s a-facin’ folks now in their sixties, seventies, eighties and beyond has to do with money, specifically the advent of crypto currencies that started a financial revolution with Bitcoin in 2009.
The ol’ Baby Boomers may not be quite as fast on the uptake as they once were, but almost everybody not living under a rock for the last 15 years has heard about crypto and at least wondered what it’s all about.
Is it a fad? A scam? A once-in-lifetime (maybe last) chance to make a big score with generation-spanning wealth? Like, buying a bunch of shares in Standard Oil in 1872?
Today, crypto has evolved from an obscure, anarcho-capitalist, computer-geek kind of a thing a decade-and-a-half ago to a point where you hear Bitcoin mentioned in normal everyday conversation.
Meanwhile, the SEC has approved exchange traded funds (ETFs) for Bitcoin and Ethereum, meaning it’s now easy for Boomers (and the financial advisors who steer them) to dip a toe into crypto waters through recognized and trusted brokerages like Black Rock, Fidelity, Franklin Templeton, etc.
These regulatory developments affecting traditional finance seem massively bullish for crypto in terms of opening the “floodgates of capital,” potentially releasing tens of trillions of dollars of investment funds currently owned by Boomers.
Still, Boomers naturally lag the younger generations in terms of grasping the basic concepts of blockchain technology and digital assets. By their own admission, they are more skeptical about cryptocurrencies in general (76% are crypto “skeptics” vs. 64% of all age groups combined), according to a survey commissioned by Visa.
“Baby boomers think their stocks and mutual funds will produce the greatest 10-year returns, but cryptocurrency still surpassed more traditional investment vehicles such as index funds and ETFs,” according to the Visa report.
Distrust the Man
In an article written for Bitcoin magazine last year on the topic of making the favorable case for cryptocurrencies as an investment class to skeptical Boomers, Dan Weintraub, a 61-year-old author and high school teacher, argues that a good approach to helping typical members of his generation see the light about crypto’s potential appeals to their natural distrust of authority.
“Unlike every other human interaction in the world, Bitcoin does not ask us to put our blind trust in anyone else,” Weintraub says. “No one owns it or controls it, so we’re not being asked to trust the words and deeds of bankers or government officials or scammers or anyone; no one can hack it (take some time to learn about why), so it is, even in its volatility as an investment, the most secure network of all time.”
Weintraub’s overall theory may be right. But his comment that there’s no need to be concerned about the deeds of scammers — or at least it could be interpreted as meaning this — probably raises a red flag for at least one crypto community, which is the one behind the project known as Boomer on Base.
The core team behind Boomer on Base are a group of publicly self-identified (“doxxed”) GenZ, Millennial, and GenX tech business and marketing executives, a practicing cancer surgeon, and assorted white-hat crypto veterans. Like so many others, all of them have at one time or another fallen prey to scammers that still slither through the Interwebs, relentlessly attempting to separate honest folks from their crypto and cash.
Together, through knowledge and determination, this self-organized team rescued the Boomer project from a crypto developer’s “rug-pull” scam that could have easily led to its total destruction in March, and they have begun to build one of the most currently promising meme coin communities. They’re now on a mission to provide basic education for “the next 10 million Boomers,” to safely onboard them to Coinbase’s new blockchain called Base.
Boomer Brain Plasticity
It’s true that the new crypto investment vehicles such as ETFs offered by major financial firms will provide a familiar-type layer of institutional security for any Boomers who restrict their crypto holdings to just those limited types of assets.
But for the more intrepid Boomers who begin to realize there’s a whole lot more to the cryptoverse and decide to take off their floaty wings and wade into deeper waters, some basic knowledge and self-defense skills will be required.
First, a little primer on gerontology…
According to NIH, despite changes in cognition that may come with age, older adults can still do many of the same things they’ve enjoyed their whole lives. They can learn new skills, form new memories, and improve language and vocabulary skills.
While there are definitely some cranky old folks who don’t know a massively multiplayer game from a lawn mower, and whose whole world shrinks as they age to the size of their front yard (which they then yell at kids to stay off), a surprising number of Boomers don’t fit the stereotype. Many of them, for example, play video games: one-in-four adults age 65 or older do, according to Pew Research.
(Notably, the Boomer project has an educational video game in development, designed to teach safe practices for investors in crypto space.)
Safety First Rules
Below are a few of the basic concepts that Boomers (or anyone, for that matter) need to understand to stay safe in crypto. It’s by no means comprehensive and I’m not even qualified to provide anything close to a complete guide.
For additional information, I would encourage a visit to the Boomer on Base website, where you can join the community and ask questions, without any need to own any crypto assets first. You can also basically remain anonymous as long as you like.
Don’t provide ANY personal information of any kind until you completely understand who you’re dealing with and what, technically speaking, they might be recommending to you or asking you to do.
If you’re an old Boomer completely new to crypto, be prepared for a possible initial shock in terms of the rapid-fire text, some unfamiliar jargon, and a potentially disorienting flow of visual memes that characterize this brave new world.
It’s a highly creative space with its own cultural vibe and it can take some time for OGs (old guards) to catch on. But once you do start getting into the groove, you might just find that these young whippersnappers are onto something fun, and potentially financially rewarding.
For those of you looking to help safely onboard your, ahem… grayer friends and family, here’s a brief list of key principles to convey:
· Encourage them to learn the fundamentals of blockchain tech and the two major cryptocurrencies (Bitcoin and Ethereum).
· Same as in the offline world, warn about unsolicited investment offers, pressure to act quickly, or requests for personal or financial information.
· Emphasize the importance of using only well-established, reputable platforms, exchanges, and wallets.
· Make clear the critical importance of using strong, unique passwords, enabling two-factor authentication (2FA), and avoiding public Wi-Fi networks when accessing crypto accounts.
· Discuss the necessity of keeping private keys safe and secure.
· Talk about cold-storage wallets and best practices for storing cryptocurrencies offline.
Engaging with the Boomer Community
To take the next step in your crypto journey, immerse yourself in the vibrant Boomer community through various channels:
- Telegram: Join the Boomer Telegram group to connect with like-minded individuals, share insights, and stay updated on the latest developments in the crypto sphere.
- YouTube: Dive into Boomer’s YouTube channel for educational content, tutorials, and interviews with industry experts, empowering you with knowledge and inspiration to navigate the crypto landscape.
- Social Media: Follow Boomer on Twitter, Instagram, and Facebook to engage with the community and participate in discussions.
By actively engaging with the Boomer community, you can unlock a wealth of resources, support, and camaraderie on your journey towards crypto enlightenment.
Follow @BoomerOnBase on X for more insights.
Or visit us at https://baseboomer.com/ to learn more
