Jo Ann Switzer, a 66-year-old retiree from Hanover, Ontario, may seem like your average grandmother enjoying a quiet life in a small Canadian town. However, there is one aspect of her life that sets her apart from the typical retiree – she is an avid cryptocurrency investor.
Having run a hair salon for 45 years, Switzer decided to venture into the world of cryptocurrency, a realm usually associated with young individuals in the finance or tech industry. Despite the lack of representation of older individuals in the crypto space, Switzer dove headfirst into the world of virtual currencies.
Attending international crypto conferences and immersing herself in the crypto community, Switzer quickly built a diverse portfolio of virtual currencies, including Ethereum, Solana, Ondo, Sui, and Polygon. However, her journey was not without its challenges.
Early on, Switzer fell victim to four separate crypto scams that cost her a total of $18,000 in 2024. Instead of being deterred by these setbacks, Switzer used them as learning experiences to educate herself further about the world of cryptocurrency.
With a cautious approach to investing, Switzer meticulously researches the use-case of coins before making a purchase and closely monitors the market performance over a period of three to six months. She shies away from meme coins and only buys when prices drop, setting alerts to notify her of potential buying opportunities.
Despite her initial encounters with scams, Switzer persevered and sought to gain as much knowledge as possible from the scammers who had deceived her. She bombarded them with questions, extracting valuable insights and information to enhance her understanding of the crypto space.
Switzer’s story sheds light on the growing trend of individuals from all age groups and financial backgrounds being drawn to cryptocurrency for reasons beyond financial gain. It also highlights the importance of education and awareness, especially for older investors, in navigating the complexities of the digital currency landscape.
As Switzer continues to navigate the world of cryptocurrency with resilience and determination, her journey serves as an inspiration for others looking to explore the realm of virtual currencies, emphasizing the importance of staying informed and cautious in the ever-evolving crypto market. Last year, the FBI reported that individuals over the age of 60 filed over 8,000 complaints of cryptocurrency investment fraud, resulting in a staggering $1.6 billion in losses. This demographic was hit the hardest, with no other age group coming close to the level of financial damage incurred. The FBI stated that criminals often target seniors by posing as cryptocurrency experts or affiliates with access to insider information, leading victims to invest through fraudulent websites or apps controlled by the scammers.
Despite warnings from financial advisors, some seniors are still drawn to the idea of investing in cryptocurrencies. However, studies have shown that the majority of cryptocurrency owners are typically below the age of 35 and male, leaving seniors at a disadvantage when it comes to understanding and navigating the complexities of this emerging market. Education resources tailored for seniors are limited, making them easy targets for scammers.
In response to these challenges, organizations like CryptoLiteracy.org have highlighted the need for increased education and awareness within the cryptocurrency industry. A 2024 survey conducted by the initiative revealed significant knowledge gaps among seniors that must be addressed to ensure safe and equitable adoption of cryptocurrencies.
Jo Switzer, a senior who fell victim to a cryptocurrency scam, shared her experiences and highlighted the barriers that older investors face in understanding and participating in the crypto market. Switzer emphasized the importance of education and community engagement for seniors interested in cryptocurrencies, noting that the internet has provided a platform for connecting with like-minded individuals worldwide.
Evan Mann, a crypto education advocate, emphasized the role of online platforms like TikTok, Discord, and Instagram in helping seniors kickstart their learning journey in cryptocurrencies. He also warned about the risks associated with volatile investments and urged retirees to exercise caution and skepticism when navigating the crypto market.
While some retirees see cryptocurrencies as a potential get-rich-quick scheme, experts like Mann stress the importance of approaching investments with caution and realistic expectations. With numerous risks and bad actors in the industry, it is essential for retirees to be vigilant and informed when considering cryptocurrency investments.
Despite the potential risks, Switzer remains optimistic about her investments in cryptocurrencies, citing her belief that traditional investments are equally susceptible to unforeseen disasters. While her children may not share her enthusiasm for crypto, Switzer remains committed to navigating the crypto market with caution and diligence. As she handed me a flash drive, my grandmother’s words echoed in my mind, “Well you better hurry up and start learning because if anything happens to me, you got to know what to do with this.” I was taken aback by her sudden seriousness, but I knew she was right. In this digital age, it’s essential to be knowledgeable about handling important information and assets.
With cybercrime on the rise, it’s crucial to be prepared for any eventuality. Organizations like the FBI and Triple A have reported an increase in cyber attacks and online fraud. In fact, according to the FBI’s Internet Crime Complaint Center (IC3) report, cybercrime has become a major threat, with losses amounting to billions of dollars annually (1). This highlights the importance of being vigilant and proactive in safeguarding our digital assets.
One area that requires attention is cryptocurrency ownership. As the popularity of cryptocurrencies like Bitcoin and Ethereum continues to grow, so does the risk of theft and fraud. Triple A’s research on cryptocurrency ownership data has shown that many individuals are investing in digital currencies without fully understanding the risks involved (2). This lack of awareness can leave them vulnerable to scams and hacks.
To address this issue, organizations like Crypto Literacy are promoting education and awareness about cryptocurrencies. Their mission is to educate the public about the benefits and risks of digital currencies, as well as how to securely manage and protect their assets (3). By increasing crypto literacy, individuals can make informed decisions and mitigate the risks associated with owning cryptocurrencies.
In conclusion, my grandmother’s words serve as a reminder of the importance of being prepared and knowledgeable in today’s digital world. By staying informed about cybersecurity threats, understanding cryptocurrency ownership, and investing in crypto literacy, we can protect ourselves and our assets from potential harm. It’s never too late to start learning and taking proactive steps to secure our digital future.
