The investor’s community in the U.S. now prefer Bitcoin or Cryptocurrencies over gold. This news is very unusual and surprising for everyone even including the investing community and for cryptocurrency as well. The investors are thinking that cryptocurrency can even challenge gold in value.
The CEO of U.S. Global Investors, Frank Holmes is not very happy with this issue and he stated in an interview given to Kitco News that this idea is initially believed by a millennial that requires doing their research.
“I recommend to people at all time that Bitcoin is not an alternative to gold.” He further stated, “I think there’s a whole audience of ignorant millennials. I really think from having work habit problems that I find out from people trying to hire them, their whole world is sort of a rebellion against anything and everything. It’s just foolish. They should do their homework, they should open up a history book of why is so significant, on the great ‘love trade’ – that if you love your country you should have gold in reserve. If you have a crisis, your paper money goes down in tremendous value. Gold is what bailed out Britain, getting it over to Canada, and then trading to get weapons from America. It was gold that did it.”
On the other hand, the President of ETF Store, Nate Geraci, he is also an individualistic trading advisor. He disclosed in an interview with Bloomberg TV that his millennial customers are demanding to invest in Bitcoin, only condition stated by them is that if only SEC would allow them.
The ETF experts are saying that this millennials generation is targeting for gold to show a way out of the market. In an answer to the question asked by Bloomberg’s analyst Eric Balchunas, asking about whether he would ever trade customers assets in a bitcoin ETF, he responded to surprise his other panel members that generations of millennials are wanting to invest in Bitcoin, instead of the traditional investment option such as Gold.
“When we talk to our younger clients – we have a core gold allocation in our portfolios, and they’ll ask about that and say, ‘What about crypto?’ And if you talk to, primarily millennials, and ask them which they prefer, bitcoin or gold, it’s a landslide. It’s not even close, it’s like 90% prefer bitcoin.”
Geraci’s claims are very bold, but still, there is a lot of data and researches that really shows that younger generations and new investors are more interested in cryptocurrencies instead of gold, and in comparison of the generation who brought up in the before the digital era.
Also in the month of April in a research Harris Poll Survey concluded that 18 to 34 years olds generations are “very” or “somewhat” wants to investor or trade in the cryptocurrency or bitcoin within the upcoming 5 years. This doesn’t seem so pleasant but noticing that only 37% of U.S. citizens in that demographic presently are holding stocks.
The passion about crypto is so much that, earlier in February in an eToro Survey is was come out that 43% of millennials believe cryptocurrency exchange for investment rather than other stock exchanges and crypto trading stage is prominent in the front news also.
Geraci also picks up the news of being successful in raising $1.5 billion Bitcoin Investment Trust (OTC: GBTC) as evidence that there is enough demand in the market for a crypto ETF. He also made a point about the underlying price of its BTC funds because of GBTC stocks hover on supply and demand in the market not only on the value of bitcoin.
He said, “It seems a bit incongruent to me that we have that product out there trading, where investors really could get hurt if they don’t understand that premium, but we don’t have a bitcoin ETF.” He also stated, “The demand is there.”
It is actually bad for the cryptocurrency market that this views of millennials are not the ones who can influence that decision of the U.S. Securities and Exchange Commission (SEC), who has authority to sanction or refuse bitcoin ETF application status.
The previous week, the SEC refused that the Bitcoin ETF and expanded its long period of refusing to rule on virtual currencies products or services when it delayed the decision on the VanEck/SolidX Bitcoin ETF to come on August 19. Many people and experts in the crypto community are thinking that SEC again will postpone the decision till October 18.
The managing director of ETF, Dave Nadig also stated that he thinks that the SEC is yet in “information gathering mode”, still that there is a “reasonable chance” for the regulators or SEC to accept the first “Bitcoin ETF” before the 2019 end.