Does the Word "Cryptocurrency" Scare You?

Maybe a change in terms is required

I dipped into an interesting conversation the other day on Twitter Spaces.

A group of crypto enthusiasts got into a spirited discussion about mass adoption of the asset class, as well as so of the hesitancy they encounter when talking about it to people who haven’t currently invested.

Specifically, they were talking about Boomers.

“I find people aren’t willing to listen when I say the word ‘cryptocurrency’,” remarked one speaker. “That word shuts them down.”

The person went on to elaborate that the word conjured up thoughts of illegality, the dark web, and even the old crypt keeper from the 1980s TV show Tales from the Crypt. It all got pretty spirited, and as the conversation expanded, several people offered an alternative way to classify this group of investments.

Digital assets.

Now that’s a term I can get behind. And really, it makes sense. When this all began, Bitcoin was basically the first to break through, the first viable asset to ever be put on a blockchain. Others had tried, but they all failed. Bitcoin was alone.

But things have changed.

When you research the projects in the sector, you find a layered category. Some are tokens built on top of Ethereum. Others are their own blockchains. A few are stable coins tied to the US dollar. Still more focus on tokens used in the metaverse. Pretty soon, governments will have their own central bank digital coins (verdict out with me on whether or not those count as cryptos in any fashion). By the end of 2022, we’re going to see crypto gaming come into its own, bringing a whole spate of new ideas right along with it.

And that’s just the beginning.

So it makes sense that the word “cryptocurrency” might not be the right opener for a conversation with someone who has never invested a dime in Bitcoin or any other major token. The term “digital assets” might keep their mind open. Later, they can learn the true definition of cryptocurrency, long after they’ve accepted this as a viable asset class.

Maybe by then, they won’t be as scared of it all.

What do you think?

The Crypto Connection is for entertainment purposes only and is not meant to be financial advice. Please do your own research before investing in any asset class. Sara Celi is not a financial advisor, and holds several cryptocurrencies. To purchase her books on Amazon, please click here.