Wharton Finance Professor says Bitcoin is the new gold for millennials

Bitcoin (BitcoinThe Wharton Finance Professor said that the world’s most valuable cryptocurrency has replaced gold as an inflation hedge for young investors.

Gold’s performance in 2021 is “disappointing”, Wharton Finance Professor Jeremy Segal Say In the CNBC Squawk Box interview on Friday.

On the other hand, Siegel believes that BTC is increasingly becoming an inflation hedging tool for young investors:

“Let’s face the fact that I think Bitcoin as an inflation hedging tool in the minds of many young investors has replaced gold. Digital coins are the new gold for millennials. I think the story of gold is that the younger generation sees Bitcoin as The fact that it is a substitute.”

Siegel also reminded that the older generation had witnessed how gold soared during inflation in the 1970s. “This time, it is not welcome,” he added.

Gold has traditionally emerged as an asset class that provides a hedge against inflation, but it has failed to meet investor expectations in 2021. record This was the worst year since 2015, falling by about 5% to close at $1,800. Although prices fluctuate significantly during 2021, BTC surged by about 70% By the end of 2021.

related: More billionaires are turning to cryptocurrencies due to fears of statutory inflation

Several well-known global investors support BTC instead of gold in 2021, the owner of the Dallas Mavericks Mark Cuban thinks Bitcoin October 2021 is “better than gold”. Starwood Capital Group co-founder Barry Sternlicht also stated that gold is actually “worthless” and he holds BTC because every government is printing a lot of currency.

However, despite the fact that BTC has become an increasingly popular gold asset, many financial and crypto experts believe that Not yet proven inflation hedge status.