In Bloomberg's "ETF IQ" market yesterday, a financial consulting executive said that millennials prefer Bitcoin exchange-traded funds (ETFs) compared to gold. Nate Geraci, head of the ETF Store, an investment advisory group that seems to focus on the fund, points out that many of their young customers are asking if they can replace the core gold holdings that are considered hedge/non-related assets, holding cryptocurrencies , that is, bitcoin. In fact, Geraci joked that 90% of millennials favor Bitcoin over precious metals.
But in fact, without regulated products, these potential investors are free to allocate funds. Just a few days ago, the US Securities and Exchange Commission revealed that it would exercise its right to delay the decision of VanEck and SolidX's Bitcoin ETF. The agency cited issues such as insufficient infrastructure to prevent “fraud and manipulation of practices and practices”. Moreover, products currently being prepared for retail investors, such as Grayscale's Trust, are usually priced much higher than the spot market, which means it may hurt the investor's premium.
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However, the good news is that young people have a huge interest in leading cryptocurrencies.
Other data will confirm this. As Blockchain Capital identified earlier this year, 42% of people between the ages of 18 and 34 said they would like to buy bitcoin in the next five years.
Millennials may be encrypted and friendly, but their parents may not be able to accept it.
Of course, millennials may prefer cryptocurrencies, but not their parents/grandparents can accept cryptocurrencies.
According to a recent survey of 1,000 US retirees by the financial magazine Gold IRA Guide, Bitcoin is not popular with older people. In fact, one-third of the respondents did not even know about BTC, although it continued to be reported by mainstream TV and media throughout 2017 and early 2018. Worse, however, 56.7% of respondents said they knew Bitcoin, but they were hesitant to buy Bitcoin. These entangled investors think that the cryptocurrency is "completely fictitious" and the bubble is serious.
Any risk will obviously hinder the risk-averse retirees. As Mark Turner, editor-in-chief of Gold IRA, said: "From the data of the survey results, Bitcoin must better educate and explain the underlying blockchain technology to provide business and industry benefits to these audiences. It must also eliminate people. The stereotype is that it is a completely fictional structure with no real value, which tends to scare away old investors who only see the bitcoin price bubble."
It is worth noting that 2.7% of respondents did claim that they own Bitcoin. (chain to finance)