During the COVID-19 pandemic, investors are seeking alternative assets. The older generation largely prefers gold, while millennials prefer Bitcoin. JPMorgan Chase analysts reached that conclusion, according to Bloomberg.
Gold and Bitcoin have been drawing substantial cash inflows over the past five months, notes the firm’s strategist Nikolaos Panigirtzoglou. This interest has shown up in asset valuations.
Stock indices have risen 46% since the March sell-off, while gold has added 30% since the start of the year. Bitcoin to date has risen 133% since mid-March.
Panigirtzoglou added that millennials also invest in equities, favouring technology companies. The older generation, by contrast, sells securities.
Earlier Grayscale Investments managing director Michael Sonnenshein stated that part of the $68 trillion of investment capital that will pass between generations in the coming years will inevitably be invested in Bitcoin.
In June the legendary trader and technical analyst Peter Brandt advised millennials to invest 10% of their disposable funds in BTC.
Subsequently Tokenist analysts conducted a study showing that 51% of millennials trust Bitcoin more than leading banks.
Subscribe to ForkLog news on Twitter!