Katharine Wooler, the Managing Director of Dacxi, the digital asset exchange, reflected on this, noting cryptocurrencies have been embraced by retail investors but have yet to be looked into by pension investors.
However, Dacxi are intending to open up pension routes towards the end of 2021 and Katherine anticipates high demand "from pension investors underwhelmed by current returns and keen to diversify a small proportion of their portfolio into reputable blue-chip cryptocurrencies such as Bitcoin, Ethereum and Litecoin."
The FCA has recently urged consumers to be wary of cryptos which can be risky investments but surprisingly, elderly investors are showing a keen interest in cryptocurrencies, as Katherine continued: "If our own customer base is anything to go by, it tends to be a slightly older crowd, compared to the typical millennial crypto fans, and we have seen a number of baby boomers cashing in their pension at the point of retirement and purchasing crypto."
Katherine concluded by examining how the retirement planning industry could be impacted by these changing tastes: "The target market for pension planning is savvy: they have seen previous recessions, and feel let down by traditional pensions.
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