Recent Devere Group survey shows two-third Millenials prefer Bitcoin to Gold as safe haven

Devere Group interviewed over 700 Millenials from 7 continents with 67% of the respondents favouring Bitcoin over Gold as an investment path they are willing to take.

By · Dec 8, 2020 . 7min read

Devere Group, an independent financial advisory and fintech organisation found out through a survey that Millenials prefer Bitcoin to Gold as a safe haven.

The financial advisory giant surveyed over seven hundred Millenail respondents and concluded that 67% of them favoured BTC over Gold. The respondents were scattered across 7 continents; North America, the UK, Asia, Africa, the Middle East, East Asia, Australasia and Latin America to ensure proper representative sample results.

Nigel Green, the founder of Devere Group has deep views on Gold. He maintains that Gold since the time of ancient civilization in Egypt has been a haven. This holds true both for empires and national governments.

However, per the survey, Nigel Green says

“But, as this survey reveals, Bitcoin could be dethroned within a generation as millennials and younger investors, who are so-called ‘digital natives’, believe it competes better against gold as a safe-haven asset. Millennials are to become an increasingly important market participant in the coming years, with the largest-ever generational transfer of wealth – predicted to be more than $60 trillion – from baby boomers to millennials taking place.”

The argument as to Bitcoin as a safe haven from failing fiats and most times stocks lingers. Critics of the Bitcoin safe haven theory are quick to point to the Black Tuesday. This was during the March stock markets crash due to the coronavirus pandemic. Bitcoin, as a matter of fact, saw its lowest price during the same period. The digital currency traded for as low $4,970 on March 13th.

Recent Devere Group survey shows two-third Millenials prefer Bitcoin to Gold as safe haven
Bitcoin price has increased by 280% since the coronavirus stock market crash when BTC crashed to $4,970

Possible interpretation to the survey for Millenials favouring Bitcoin than Gold is relief package dole out by governments printing cash

Governments continue to roll out programs to save their ailing economies that have worsened due to coronavirus. Perhaps their strategies keep Millenials and corporations sceptical. Some of the strategies as we saw with the US especially is the CARES Act. It had to literally print money to salvage its economy. Any relief package is in the offing which many fear may further drive up inflation.

Addressing the above, Nigel Green said

“Another key factor is the historic levels of money-printing as central banks around the world attempt to prop-up their economies following the fallout from the pandemic. If you are flooding the market with extra money, then, in fact, you are devaluing traditional currencies – and this, and the threat of inflation, are legitimate concerns to a growing number of investors, who are seeking alternatives

Clearly, the survey shows clearly that Millenials are more tuned to Bitcoin over Gold in an increasingly digital world. Asides the price appreciation of Bitcoin year-to-date, Bitcoin possesses some advantages over the latter. The fact that Millenials can easily opt-in into bitcoin just by buying on proliferating crypto exchanges compared to Gold speaks volume. It is also less bulky and has a finite supply compared to Gold. Institutions, as we see in Grayscale and MicroStrategy, are stockpiling on Bitcoin furiously.

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