New research shows that millennials prefer Bitcoin to gold as a safe-haven asset.
A global survey by deVere Group found that 67 per cent of 700+ millennial clients said they think Bitcoin competes better against gold as a safe-haven asset.
The research comes as the price of Bitcoin reached an all-time high of $19,864 this week.
“From Ancient Egypt onwards, gold has always had immense value and has long been revered as the ultimate safe-haven,” said Nigel Green, deVere Group chief executive.
“It’s always been a go-to asset in times of political, social and economic uncertainty as it is expected to retain its value or even grow in value when other assets fall, therefore enabling investors to reduce their exposure to losses.
“But, as this survey reveals, gold could be dethroned within a generation as millennials and younger investors, who are so-called ‘digital natives’, believe Bitcoin competes better against gold as a safe-haven asset.”
He added: “Millennials are to become an increasingly important market participant in the coming years, with the largest-ever generational transfer of wealth – predicted to be more than $60 trillion - from baby boomers to millennials taking place.”
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