US millennials may turn to crypto as they lose hope in social security

CNBC reported that the US social security will be insolvent by 2035.
Crypto-based assets can be a potential long-term investment for retirement.

As per Finance Magnates, US millennials may turn to crypto for their retirement as they become largely distrustful of the US government. CNBC reported last week that the US social security system will be insolvent by 2035. This will mean that US citizens won’t be able to receive their pension benefits.

Morgan Steckler, cryptocurrency retirement fund expert and CSO of iTrust Capital, also feels that the concept of retirement has changed as well. In an email to Finance Magnates, he said:

“According to some reports, many people under 40 believe they will never retire. If these assets have the [same potential for profits that]they have shown over the past number of years-the fall in prices included-it could still lead to life-changing returns and give those people that option to retire if they so choose.”

Evercoin exchange founder Miko Matsumura also believes that crypto-based assets can be a good option as a potential long-term investment for retirement:

“Japan, as the first country to legalize bitcoin, is a great example of how the aging population is diversifying into cryptographic assets to hedge against currency devaluation and trade imbalances.”