67% of Millennials Believe Bitcoin Is A Superior Safe Haven Compared to Gold
Millennials believe that Bitcoin is a better safe-haven than gold. Despite its increased adoption, Bitcoin has experienced several social problems in its continued rise to prominence.
Over the last few years, we have seen first-hand how millennials deal with their personal finances.
The older generation believed in gold as the last resort in beating inflation, but with central banks printing more money than ever before due to the pandemic, many have had to search for better ways to hedge against inflation.
Millennials Believe In Bitcoin’s Future
A recent study from SimpleMoneyLife shows that cryptocurrencies are getting more adoption worldwide, despite their high volatility. The increased popularity, along with recent price rallies, has made these assets more preferable to legacy investment options like gold or government bonds.
In its research, SimpleMoneyLife, a personal finance platform, quoted a study from the deVere Group. The study revealed that about 67 percent of millennials see Bitcoin as a better store of value than gold.
The consistent adoption from millennials and increased institutional investment, has bolstered cryptocurrencies’ popularity worldwide.
Social networking apps like Twitter also play major roles in spurring crypto adoption. As SimpleMoneyLife explained, the social networking site churns out over 70,000 Bitcoin-related tweets daily.
Many of these tweets come from verified accounts of Bitcoin evangelists like Anthony Pompliano, Peter McCormack, and even Twitter CEO Jack Dorsey.
Several experts have pointed to Bitcoin possibly overtaking gold due to its increasing popularity.
Yesterday, Brett Messing and Anthony Pompliano of New York hedge fund SkyBridge Capital recently explained that crypto investments are as safe as gold and government bonds. The investment experts listed increased regulation and an enhanced Bitcoin infrastructure for its safety, adding that its value should skyrocket on the back of increased investment from institutions and millennials.
Despite adoption being on the rise, SimpleMoneyLife pointed out that Bitcoin is experiencing some social problems with its distribution.
Although created to be decentralized, only a few early investors are controlling the vast majority of BTC presently in circulation. The SimpleMoneyLife research showed that two percent of BTC wallets control about 95 percent of the assets in circulation. A further 70 percent of BTC addresses have less than 1 BTC in them.
Another social problem appears to be the gender inequality discovered in the Bitcoin ecosystem. Males are seen as more interested in cryptocurrencies in general than females, with SimpleMoneyLife reporting that 85.77 percent of Bitcoin-related engagement comes from men, while 14.23 percent of the network’s participants are female.