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Bitcoin Getting Favored by Retirees in Australia Despite Volatility: Report

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  • Yuri Molchan
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    Australians in their mid-sixties are more and more often considering Bitcoin as a retirement investment, a recent report reveals

Bitcoin Getting Favored by Retirees in Australia Despite Volatility: Report
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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A report made by the crypto exchange Independent Reserve says that Australians in their mid-sixties are more and more often turning their glance towards crypto, such as Bitcoin and Ethereum, as their retirement investment.

Retirees getting to like Bitcoin investments again

After Bitcoin plummeted in January 2018, losing over $16,000 of its value, investors who were not crazy about crypto became very careful and preferred to give Bitcoin investments a miss. However, now, the new survey says, about 2.5 percent of retirees in Australia intend to get some crypto in the next half-a-year.

The CEO of Independent Reserve, Adrian Przelozny told The New Daily that the number of these people is growing since the retirement demographics begins to change.

“As cryptocurrency matures, it’s becoming more and more of a legitimate asset class, and because it’s not correlated to a lot of traditional assets, people are using it as part of their portfolio to create a more balanced investment strategy.”

He believes that within a couple of years the number of people wishing to buy BTC, ETH or other crypto to diversify their portfolio will grow from 2.5 percent to 3-4 percent, etc.

Traditional assets becoming uncertain

Przelozny believes that there are two main reasons that are driving more and more people towards crypto. The first is lack of correlation between Bitcoin, other digital assets and conventional markets.

The second is that the situation on those markets is getting uncertain and unstable.

“Right now, interest rates are really low, the share market is doing weird things, there aren’t that many places to put your money.”

However, Przelozny believes that Bitcoin is much better for investment than altcoins, since they are very much speculative and bear no real value.

“Bitcoin is literally the only option for a retiree.”

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Anthony Pompliano: Bitcoin is a way out for US pension funds

The co-founder of Morgan Creek Digital, Anthony Pompliano, has often said in his Twitter blog that as time passes more and more pension funds and retirees will consider Bitcoin as an opportunity.

Recently, he commented on the news that General Electric giant had frozen pensions of its 20,000 staffers. Pompliano said that investment in Bitcoin could save these people’s pensions.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls

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  • Alex Dovbnya
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    The Bitcoin price could soon touch $7,800 if bulls persist, but this move could be a short-lived one

Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls
Cover image via u.today

Popular crypto trader Wendy O recently predicted that the price of Bitcoin would "rocket up" if it managed to surge above the $7,400 level. 

Bitcoin Price
image by @CryptoWendyO

Shortly after that, the BTC price did rise above the aforementioned level, currently sitting at $7,444, according to CoinStats data

Bitcoin Price
image by coinstats.app

If the aforementioned forecast turns out to be accurate, Bitcoin traders could soon see another fakeout, which would be similar to the one that took place on Dec. 4. As reported by U.Today, BTC printed a massive green candle in less than a minute, but this unexpected pump quickly evaporated.     

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Earlier today, multiple traders predicted that Bitcoin was about to make a big move in either direction, but $7,800 seems to be the main area of interest for them. The leading cryptocurrency hasn't touch this level since Nov. 30. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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