DUBAI: While their parents and grandparents favor gold, two-thirds of millennials currently consider Bitcoin a better safe haven asset. Despite its volatile price, which has been prone to fluctuations, Bitcoin is considered a relatively safe long-term investment among 20- to 40-year-olds.
For centuries, gold has been considered a safe haven investment. However, Bitcoin and other cryptocurrencies among the younger generations could soon overtake it.
Instead of investing in property or putting bullies in the bank, young adults born in the 1980s and 1990s are drawn to invest in Bitcoin.
In fact, 67% of millennials surveyed said they believe Bitcoin competes better against gold as a safe haven asset, according to a survey published by the deVere Group.
Though open to fluctuation, the value of cryptocurrencies is attracting more and more investors, mainly younger people who consider them a long-term investment for securing their wealth in troubled times.
As well as attracting investors – not to mention money launderers – Bitcoin is an increasingly interesting member of the public trying to test the waters in the world of cryptocurrencies without taking too great a risk.
As 2020 comes to a close, Bitcoin has beaten its historical record value, reaching an all-time high of US $ 19,956 before falling slightly.
The most optimistic economists believe that the price of the cryptocurrency could top $ 250,000 by the end of 2021 – more than a 10-fold increase in space in a year! Needless to say, that weighs on the findings of the poll.
The deVere Group polled over 700 clients worldwide (North America, Latin America, Asia, Africa, Middle East, Australia, UK), all born between 1980 and 1996.