The American Association of Retired Persons (AARP) has inadvertently reignited the clash of generations over the subject of bitcoin and other cryptocurrencies with a casually dismissive definition of bitcoin and blockchain technology,in an article published on its official website.

In the latest issue of its bi-monthly magazine, the U.S. based group - which says its mission is “empowering people to choose how they live as they age”- published a glossary of Wall Street buzzwords in order to introduce the terms to seniors who are “baffled by buzzwords bandied about by high-finance big shots”.

“Bitcoin is for Criminals, Idealists and Speculators”

Defining ‘bitcoin’ the article said:

Bitcoin - A bunch of computer code that a bunch of criminals, idealists and spectators agree is worth ‘real’ money. Sadly, its real-money value swings wildly, making it impractical except for criminals, idealists and speculators.

It continued, defining ‘blockchain’:

Blockchain - 1. A different bunch of computer code containing an unalterable record of a series of transactions. The most famous is digital ledger recording all Bitcoin transfers.2. A word often uttered by companies hoping to snare investors’ attention - and dollars.

Reinforcing Stereotypes

Considering the organization’s goals, it is highly questionable that these definitions have helped the AARP magazine readers  at all. The definitions, which were described as “ laughable ” by Health Unchained, may have reinforced the general distrust and fear of Bitcoin by senior citizens.

The assertions made in the AARP glossary reiterate JP Morgan CEO Jamie Damon’s consistent refrain that Bitcoin is a fraud. Sadly, the authority and reach of the AARP makes it possible that over 38 million of its members and readers across the U.S. might now continue to be shut out of blockchain technology, while misunderstanding and ignoring its potential.