Millenials see Bitcoin as the better Safe Haven
The younger generation prefers crypto currencies over gold and silver.

The investment universe has branded millennials with many things: lazy, legitimate, narcissistic, and other unflattering terms. They have also been accused of being very risk averse and preferring flashy investments like cryptocurrencies over slow and stable investments like stocks and bonds. While some of these platitudes are downright wrong (many millennial stock picks have beaten the markets with ease), others seem spot on. And now, a survey has shown that an overwhelming majority of millennial investors actually prefer Bitcoin to gold as a superior safe haven. A recent global survey by deVere, one of the world's largest independent financial advisory and fintech organizations, found that millennials actually prefer Bitcoin to gold as a safe haven. The reveal comes just a week after the world's largest cryptocurrency hit an all-time high of $ 19,864. In the deVere poll, more than two-thirds (67%) of the 700+ millennials surveyed said they simply think Bitcoin is a better safe haven compared to gold. According to deVere: "From the ancient Egyptians on, gold has always been of immense value and has long been revered as the ultimate safe haven. In times of political, social and economic uncertainty, gold has always been a popular asset because it is believed to be one's own Retains or even increases in value as other assets fall, allowing investors to reduce their risk of loss, but, as this survey shows, Bitcoin could be dethroned within a generation as millennials and younger investors, the so-called 'digital natives', believe that it competes better with gold as a safe haven. " The analyst has observed millennials becoming a major player in financial markets, with the largest generational transfer of more than $ 60 trillion in wealth projected from baby boomers to millennials. Perhaps the timing of the poll influenced the result, as it came at a time when irrational exuberance and greed seem to be taking over financial markets, thanks to high hopes for a Covid-19 vaccine and another stimulus package. Still, Bitcoin may not be ready to replace gold and become the new digital gold. A few years ago, the charismatic duo Cameron and Tyler Winklevoss (also known as the Winklevoss twins) made a pretty hair-raising claim that Bitcoin was better than gold than gold itself. Later, the founders of the crypto exchange Gemini reiterated their bullish stance by adding made a bold prediction that one day bitcoin would surpass gold's $ 7 trillion market cap. Unfortunately, bitcoin remains too volatile to become a viable store of value, a key feature of a safe financial haven. With a downward deviation that can reach 50 percent versus 8 percent for gold, bitcoin hardly wins a battle against the yellow metal as a store of value. Gold is a proven safe haven that is difficult to take out of business for long. Bitcoin's epic slump and the rest of the crypto universe this year dwarfed the stock market sell-off and seriously undermined crypto's credibility as a safe haven. Instead of buying more Bitcoin when cities and entire countries went into total lockdown, the coronavirus outbreak only proved how much people value cash - and toilet paper. Investors rushed to liquidate their financial assets - including cryptocurrencies - en masse, hoarding huge rolls, causing Bitcoin to crash 60% in a matter of weeks, and #toiletpapergate and #toiletpapercrisis suddenly became trending on social media.





