Why millennials prefer Bitcoin to Gold

Why millennials prefer Bitcoin to Gold
A new global survey revealed that millennials prefer Bitcoin as a safe-haven asset instead of gold. With the biggest generational transfer of wealth currently taking place, it is important to take note of millennial investment patterns. Today we discuss why millennials prefer Bitcoin to gold.

Millennials have their say

Millennials, born between 1980 – 1996 are regarded as ‘digital natives’. This generation is becoming important market participants as the generational transfer of wealth (baby boomers to millennials) is currently taking place. The generational transfer of wealth is predicted to be more than $60 trillion.

The deVere Group, one of the largest independent financial advisory and fintech organisations, recently published findings of a poll that included 700+ millennial clients from across the globe. 67% of millennials said they are of the opinion that Bitcoin compares better against gold, as a safe-haven asset.

Why Millennials prefer Bitcoin to Gold

Gold has for centuries been the ultimate safe-haven since it retains its value and even grows in value during times of political, social and economic uncertainty. For example, South Africa is famous for its sought-after Krugerrands that are internationally recognized. Gold has always been regarded as a safe asset that reduces investors exposure to market down turns.

However, with the world becoming more tech-driven, cryptocurrencies have become the preferred safe-haven asset amongst millennials. Bitcoin is often referred to as ‘digital gold’.

Another factor that greatly influences millennials’ decision, is the fact that central banks across the globe are increasingly printing money to prop-up economies.

Unfortunately, as the market is being flooded with excess money, traditional currencies are being devalued. Add the threat of inflation and it becomes evident why millennials are seeking alternatives.

Bitcoin has a limited market supply of 21 million coins, it is decentralised, transparent and can be used as a medium of exchange and store of value. What’s more is for the year, the price of Bitcoin has increased by about 170%.

How Bitcoin is helping the youth in Africa

Nigeria has the largest population living in extreme poverty. 87 million of its 200 million people, to be exact. Many Nigerians who live and work abroad rely on remittance services to send money home to family and loved ones. It is said that cross-border transfers for Nigerians are very costly, with some fees reaching almost 10%. This has created the ideal environment for cryptocurrency adoption. According to a Nigeria exchange, Localbitcoins, volume has picked up to such an extent that more than 600 million Nigerian naira ($1.65 million) is being traded on a weekly basis.

Should I buy Bitcoin or gold on AltCoinTrader?

CEO of AltCoinTrader, Richard de Sousa has extensively spoken about the importance of having a diverse portfolio on the Rads ACT YouTube channel. Both Bitcoin and gold are excellent investment opportunities for long term investors. Why not check out the investment opportunities presented by holding Silver?

Whichever one you choose to invest in, be sure to buy Gold, Silver and Bitcoin on South Africa’s favourite cryptocurrency exchange, AltCoinTrader today!