On Wednesday, October 10, The American Association of Retired Persons (AARP) has made a strange definition to bitcoin in a sarcastically worded article on its website.
In the slideshow past called “Improve Your Financial Literacy With This Glossary,” a strong dislike is made towards bitcoin and blockchain in their specific slides, while other descriptions such as “emerging market” and “exchange-traded funds” are referred to regular financial language.
After starting with a level-headed definition of the term “asset allocation,” the article went ahead to refer to bitcoin, terming it with few words that are outright contemptuous and imprecise.
The post states:
“Bitcoin: A bunch of computer code that a bunch of criminals, idealists, and speculators agree is worth ‘real’ money. Sadly, its real-money value swings widely, making it impractical except for criminals, idealists, and speculators.”
It went on to target the term “blockchain,” stating:
“Blockchain: 1. A different bunch of computer code containing an unalterable record of a series of transactions. The most famous is a digital ledger recording all bitcoin transfers. 2. A word often uttered by companies hoping to snare investors’ attention — and dollars.”
The choice of words used to label these terms is suggestive of that used by recognized cryptocurrency skeptic Jamie Dimon who a couple of times has labeled bitcoin as a “fraud” and a “scam,” suggesting that it is only used by less intelligent people.