Wharton Professor: Bitcoin Is The New Gold For Millennials Today

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  • Bitcoin is providing better protection from inflation than gold, a Wharton finance professor said.
  • Jeremy Siegel added that Bitcoin has replaced gold in the minds of younger investors.
  • The peer-to-peer money outperformed gold by a large margin last year, rising by almost 60% while the metal lost 5% of its value.

Bitcoin is acting as a better inflation hedge than gold and has replaced the metal in the minds of younger investors, a senior Wharton professor said in a Friday interview with CNBC.

“Let’s face the fact, I think Bitcoin as an inflation hedge in the minds of many of the younger investors has replaced gold,” Jeremy Siegel said. “I think that the story of gold is a fact that the young generation is regarding Bitcoin as the substitute.”

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The professor added that gold’s performance in 2021 has been “disappointing,” in fact the metal’s worst year since 2015. Gold lost 5.81% of its value during 2021, while Bitcoin gained nearly 60%. The S&P 500, in comparison, rose by about 30%.


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