Dogecoin Founder Billy Markus Casts Doubt on Millennials’ Bitcoin Wealth Goals
Release: 2024/07/19 01:07 Reading: 951
Dogecoin Creator Pokes Fun at Millennials' Retirement Ambitions
Dogecoin creator Billy Markus has mocked millennials' retirement plans, which studies indicate require $1.65 million for a comfortable retirement by the age of 59.
Experts have warned that millennials face significantly worse retirement prospects than previous generations, and with inflation soaring globally, their future seems bleak.
Markus, who co-founded Dogecoin in 2013, highlighted the disparity between millennials' retirement goals and their savings. According to a Northwestern Mutual report, millennials believe $1.65 million is necessary for a comfortable retirement, but they have only saved an average of $62,600.
This leaves a substantial gap of around $1.5 million, which millennials have between 16 and 31 years to fill.
Millennials' Retirement Goals and Challenges:
- Believe they need ~$1.65 million to retire comfortably
- Have saved ~$62,600 on average
- Aim to retire by age 59
Markus' comments have sparked debate on whether cryptocurrency can serve as a retirement plan. Some argue that crypto has outperformed traditional assets like stocks and gold, citing success stories like a former warehouse manager who retired on Shiba Inu earnings.
Crypto as a Retirement Plan:
- Has been the best-performing asset class for over a decade
- Success stories include investors who have become millionaires through crypto investments
However, experts caution that crypto is highly volatile and some coins have collapsed in the past. They recommend allocating only a portion of retirement savings to crypto, considering individual risk tolerance and income needs.
"Investors should assess their crypto allocation in the context of their broader portfolio, risk appetite, and income requirements," advises Grayscale's Rayhaneh Sharif-Askary.
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