Bitcoin Generational Bias and Irrationality

I’m at the bottom rung of the baby boomer’s generation, that massive demographic group sometimes described as like a “pig moving through a snake’s belly”. Being at the bottom has some advantages and some disadvantages. By me being there I think I was able to sneak under the wire when it came to grasping the Internet and what the ramifications of the changes it would cause. I was still young enough at the onset of the Internet to give the idea of “change” just one more try before settling into the opposite comfort zone afforded older people of staying put in my ways. But on the downside of being among the last of the baby boomers is the very likely possibility that the baby boomers before me will empty the Social Security and publicly provided punchbowl before I get my fill. Well, on second thought, that very real possibilty motivates me to make serious efforts to develop a backup plan and Bitcoin fits in well there.

So there is definitely a demographical pattern of the usage of Bitcoin where I will likely be in the minority and at the upper age group of users. I don’t think it would be a miscategorization of the baby boomers to say they are biased against Bitcoin. I’ve seen that sentiment in a number of articles. And since the boomers are, indeed, getting older then there is no need to fault them for that. It’s just the result of a normal aging process.

That handles explaining the first part of the headline but the other part of the headline deals with something called irrationality. I realized some of that existed after reading this following statement in an article recently that was about pretty much this same topic:
“This means there is a tendency for most people to dismiss the idea of Bitcoin or other cryptocurrencies as a passing fad.” (emphasis mine)

Wait a minute. If the vast majority of the users are younger, and the baby boomers will start dying off, then the numbers of users will continue to be increased by yet an even a younger, more knowledgeable, adaptive population than the current demographics. That tells me the opposite of that statement is true. It says that because Bitcoin’s users are the young it is more likely to be a long-term trend rather than a fad. And who are the ones attacking it? Are the young doing so or the entrenched, cigar smoking bankers and politicians in that older age group attacking it? Of course it is the older crowd that has the reigns of the current economic system that have the most to lose. But just as the owners of the buggy whip manufacturers were in a tither over the new fangled, noisy, smelly DANGEROUS automobile there was nothing they could do about its arival. The automobile was a technological breakthrough just like Bitcoin is today.

Saying Bitcoin is just a fad is like them saying the automobile was a fad. At the start of the automotive era the roads were horrible, tires were horrible, gas stations were difficult to find and a host of other problems associated with the introduction of this new technology arose. Bitcoin is at just the beginning stages of development and it likely won’t be the old stodgies that do the inovating either. It’s a brand new world in finance because of Bitcoin so every one better brace themselves … for change!

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