TL:DR Breakdown:
- Over two-thirds of millennials surveyed chose Bitcoin over Gold as a better safe-haven asset.
- This follows the world’s transition to a digital era, as many young investors are becoming digital natives.
Millennials are giving the top cryptocurrency, Bitcoin (BTC), an upper hand as a better safe-haven asset than Gold. This has also always been a widely debated topic among investors around the world. The result of the survey conducted by deVere Group, an independent financial advisory, showed that millennials would actually go for the cryptocurrency than Gold when it calls for better hedging assets.
67% of the millennials vouched for Bitcoin
Sixty-seven percent of over 700 millennials who participated in the poll vouched that the leading crypto competes better as a safe-haven asset than Gold. The response comes as many young investors are increasingly becoming “digital natives.” From decades away, Gold has been the go-to asset for investors during times of economic and political uncertainty. It helped reduce exposure to losses as the value is slightly affected at such times.
However, the long-standing asset is being greatly challenged as the world continues to continue to advance towards the digital economy. Bitcoin, which is often regarded as the “digital gold,” could dethrone the gold-safe-haven-asset narrative within a generation “as millennials and younger investors, who are so-called ‘digital natives,’ believe it competes better against Gold as a safe-haven asset,” said Nigel Green, the founder of deVere Group.
Bitcoin still not a thing for some people
Similar to precious metals, Bitcoin acts as a medium of exchange, it’s decentralized, and a store of value, according to Gree. However, many critics have greatly challenged this, saying the cryptocurrency is the most manipulated asset. On this train is the United States economist, Nouriel Roubini (Dr. Doom), who recently argued that the cryptocurrency is neither a store of value nor a unit of account.
The economist also narrated that the cryptocurrency has no single fundamental intrinsic value.
