During this Spring Festival family gathering, it was surprising to see that cryptocurrency has also become a topic of conversation. A nearly 60-year-old aunt straightforwardly asked me if I bought that coin released by Trump! I said I didn't dare to invest, thinking the risk was too high. She replied that I should actually buy some to try, and wanted to know how to buy it. I noticed my relatives gathering around to listen, so I quickly changed the subject, genuinely worried they would enter the crypto space and come back to trouble me.
The next day, at another gathering, an elderly man in his seventies suddenly asked me if Bitcoin is just gambling. Someone lost hundreds of thousands trading Bitcoin... This opened the conversation, and relatives started discussing Bitcoin again, so I quickly changed the subject.
There has always been a saying in the stock market called the 'Auntie Index,' which suggests that when elderly people start enthusiastically discussing stocks and planning to dive into trading, it often indicates that the market is nearing its peak. So, when I heard these elderly folks casually talking about cryptocurrency, I felt a jolt of concern; it seems like the long-awaited bull market hasn't truly begun yet. To be precise, the altcoin season hasn't arrived, right? Are we about to reach the peak?
However, I also felt a bit of anticipation. For so long, the crypto market has been in a state of mutual destruction among existing participants, mainly a group of seasoned investors struggling against each other, lacking new users and fresh funds pouring in. The funds seem to be in a constant state of robbing Peter to pay Paul; when Bitcoin rises, other coins get drained, and when Meme coins rise, others get drained too. It's hard for the funds to support an overall market bull run. If the elderly finally realize that cryptocurrency is a gold mine and flock in, perhaps a huge influx of capital will come, and the bubble can finally be inflated! Then there’s hope for a bull market. After all, the elderly hold compensation funds and life savings, which is much more powerful than the deeply indebted post-90s and post-00s generations.
Has anyone noticed this phenomenon while returning home for the New Year? Let's discuss it.
Author: Tang Hua Banzhu
This article was first published on Binance Square
