- Crypto adoption rate about to go higher as over 60% of millennials believe that Bitcoin is a better safe haven than gold
- JP Morgan Chase has earlier warned that Bitcoin was beginning to usurp gold
A recent study has shown that over 60% of young adults believe that Bitcoin is a safe haven when compared to gold and other metals.
The study, carried out by deVere Group, proved that 67% of millennials actually think the crypto asset can act as a better safe haven than gold.
In previous years, the belief was that gold was the ultimate store of value and that the precious metal had the uncanny ability to retain its value even when every other asset might be losing theirs. However, with the growing crypto adoption rate in the world, it appears that Bitcoin is about to usurp gold from its seat.
DeVerve study is not the only one that says Bitcoin could usurp gold as a store of value. A recent report by Bloomberg said that JPMorgan Chase & Co. warned that the rise of crypto adoption —Bitcoin— is coming at the expense of gold.
Crypto assets have been around for more than a decade now but the volatility of the assets in the coin has made some investors reluctant to adopt it.
However, regardless of this level of volatility, millennials and some institutions believe that crypto adoption is the future of finance.
Why millennials are driving crypto adoption
The first crypto asset was developed in 2008 after a worldwide recession. Many millennials would likely have spent the majority of their teenage years battling with the effect of such recession.
They most likely have had to deal with the government attempt at bailing out financial institutions that might have caused the inflation by printing more fiat currency. The result was a widespread inflation that probably caused them and their loved ones more pain than good as they may be dealing with parents or relatives who might have lost a source of income.
This might have played a pivotal role in the distrust these set of people now have for traditional financial institutions and instead are embracing cryptocurrency as a better alternative to them.