Nate Geraci, the store president of ETF, briefed Bloomberg that with the changing dynamics, the generation demands to hold bitcoin rather than other assets.
With the rapid advancement of cryptocurrency, its adoption has been widely increased. The recent survey done by the US investing industry exposed that people are widely accepting Bitcoin and other digital currencies, and they are sorting different ways to replace the gold by cryptocurrencies.
Geraci explained that younger clients are more interested to invest in cryptocurrency and hold the Bitcoins. He elaborated that almost ninety percent (90%) of them held this preference. These findings have made fellow members shocked and astonished.
The views and findings of Geraci were not based on any scientific ground. But, this is a fact that the generation of the digital era prefers technological advancements rather than the generation of the pre-digital era.
Different surveys show different results; the Harris poll survey shows that 18 to 34-year-olds are very likely interested to buy bitcoins for the next five years. But so far, only thirty-seven percent (37%) of Americans own stock.
Another survey eToro survey indicates that forty-three percent (43%) of young generation trust crypto-market more than stock exchanges.
Geraci said that there is almost one hundred and five billion dollars ($1.5bn) investment in Bitcoin that shows the surging demand for crypto.
The GPTC fluctuates by many factors like supply-demand and price of bitcoins. He further said that the investors’ sentiments might get hurt as they have no established ETF, and it is totally incompatible for effective trading.
SEC is delaying the issue of ruling on cryptocurrency. The Managing Director of the company elaborated that SEC is collecting all the relevant information regarding the issue and the expected date to validate the first bitcoin ETF will be the 2019 end.