According to analysts at JPMorgan, more and more young people are flocking to bitcoin and cryptocurrencies, while older generations have their eyes centered on gold.JPMorgan: Young People Like BTC, Older Ones Like GoldBoth bitcoin and gold have done increasingly well as of late. Bitcoin has shot up to roughly ,700 at the time of writing – the highest it’s been in about a year – while gold has hit ,000 per ounce.In a recent statement, persons associated with JPMorgan commented:The two cohorts show divergence in their preference for ‘alternative’ currencies. The older cohorts prefer gold while the younger cohorts prefer bitcoin.When one considers the circumstances, it makes sense that younger people would be drawn to bitcoin and crypto, while older individuals are fans of gold. Gold is
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According to analysts at JPMorgan, more and more young people are flocking to bitcoin and cryptocurrencies, while older generations have their eyes centered on gold.
JPMorgan: Young People Like BTC, Older Ones Like Gold
Both bitcoin and gold have done increasingly well as of late. Bitcoin has shot up to roughly $11,700 at the time of writing – the highest it’s been in about a year – while gold has hit $2,000 per ounce.
In a recent statement, persons associated with JPMorgan commented:
The two cohorts show divergence in their preference for ‘alternative’ currencies. The older cohorts prefer gold while the younger cohorts prefer bitcoin.
When one considers the circumstances, it makes sense that younger people would be drawn to bitcoin and crypto, while older individuals are fans of gold. Gold is a much more established asset. It’s a precious metal that has long been the object of people’s affections since the Gold Rush of the 1850s. It’s in storybooks, novels, movies, and is often considered the ultimate gift.
Bitcoin, on the other hand, is much newer. Established originally in 2008 right after the Great Recession occurred, bitcoin is slated to put financial independence back in the hands of its users. Considering how much young people grew up during the hard economic times that gave birth to bitcoin, it would make sense that they see bitcoin as the ultimate tool to fight banks and centralized financial systems that have allegedly caused so many problems in the world.
The fact is that a lot of younger generations don’t trust banks. They see bitcoin as a solid tool that can help them become wealthy and make their own financial decisions.
In addition, both younger and older people appear to be split right down the middle when it comes to stocks. JPMorgan reports that young people are becoming more interested in stock shares, particularly those associated with technology companies. Older individuals, on the other hand, appear to be selling their stock. A report issued by the bank states:
Younger cohorts of US retail investors show little interest in bond funds. They also avoid equity funds, preferring to invest in equities directly by buying individual stocks, especially tech stocks. The older cohorts continued to deploy their excess liquidity into bond funds, the buying of which remained strong during both June and July.
Which Asset Is Stronger?
While there are still plenty of analysts out there that believe in bitcoin and crypto, most of them appear largely tied to or attracted to gold and believe the precious metal has advantages no other assets have. Referring to its “safe haven” status, Connor Campbell – a financial analyst at Spread Ex – mentioned:
Acting as a measure of market anxiety, gold smashed through the $2,000 per ounce ceiling for the first time in history – over four and a half months on from the sub-$1,500 lows seen before the coronavirus crisis took hold.