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bitcoin digital gold xaubtc
Nexo

deVere Bitcoin Survey: Two-Thirds Of Millennials Prefer Digital Gold

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin
0
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A new survey from one of the world’s leading financial advisory firms, advising on over $10 billion in client capital, claims that two-thirds of its millennial customers far prefer Bitcoin over precious metals as the ideal safe haven asset.

And in 2020 as the world goes almost entirely digital, millennials are being proven right. Gold fund flows are pouring into crypto, and the difference in ROI is substantial. Here’s why this trend is only going to continue, as the most dominant demographic begins to take over the world’s wealth, and with it, the power to influence future outcomes.

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deVere Survey: Two-Thirds Of Millennials Feel Safer With Bitcoin Over Precious Metals

Millennials grew up alongside the internet, watched the stock market and economy collapse around The Great Recession, and have in general had it a lot more difficult than the Boomer generation before them.

But because of all of these factors, the millennial generation and demographic has adapted the easiest to today’s changes. They are fluent with digital technology, comfortable working remotely, able to stay interconnected with family and friends through social media, and more. They are also benefitting the most from the shifting economic situation, by primarily being interested in Bitcoin over the likes of stocks, or gold.

RELATED READING | BITCOIN ABSORBING GOLD’S MARKET CAP LEADS TO RECORD ONE-WEEK FUND OUTFLOWS

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In the past, comparisons were drawn where the generation of investors born in the early-’80s through the mid-’90s preferred crypto over stocks, but the latest study from financial advisory firm deVere Group reveals they also prefer Bitcoin over gold, two to one.

That’s not to say that millennials are opposed to gold, but that they see the benefit in a digital version of the precious metal far more useful, and therefore valuable.

 bitcoin gold xaubtc digital gold devere group

Gold is losing a support level that could resulting another 90% drop against Bitcoin | Source: XAUBTC on TradingView.com

How Digital Gold Could Replace The World’s Oldest Monetary Standard

The precious metal has long been the “gold standard” when it comes to monetary policy. Throughout history, it has been used as a currency, safe haven asset, hedge against inflation, and much more. It is used in electronics that are required to run Bitcoin and has been worn over the ages as jewelry – a hallmark of wealth.

But there are downsides that only digital gold can address. Gold is commonly counterfeited and can be confiscated. Bitcoin’s distributed ledger ensures it cannot be duplicated or reproduced, and because it exists outside of a central authority and in cyberspace, it is outside of the reach of the law, thieves, and more.

RELATED READING | GOLD BEGINS BREAKDOWN AGAINST BITCOIN, TRIGGERING 90% DECLINE ON PER OZ BASIS

Gold cannot be stored or moved easily, which is paramount to the coming all-digital, decentralized future. A recent example where the Dutch central bank moved tonnes of gold only kilometers away, cost a near fortune to coordinate with an armed convoy to protect the exposed monetary instrument.

Bitcoin is never exposed, and moving it would take nearly zero effort, planning, and only a fraction of the cost.

So while Boomers might have trouble wrapping their heads around digital gold, cryptography, and blockchain, the benefits are what millennials are drawn to, and with that age group taking over the workforce and the world’s wealth, their vote toward Bitcoin will count the most.

Featured image from Deposit Photos, Charts from TradingView.com
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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