A new survey conducted by the deVere Group shows that more than 70% of people under 40 choose to invest in Bitcoin rather than gold. Picture: IOL
A new survey conducted by the deVere Group shows that more than 70% of people under the age of 40 are choosing to invest in Bitcoin rather than gold.
“More than three-quarters of under 40s would rather Bitcoin than gold in their investment mix,” the asset management company said.
The study noted that investors choose bitcoin over the precious metal because they see long-term wealth opportunities in cryptocurrency.
This indicates a resounding shift in the investment landscape, according to the group.
“While gold has traditionally been considered a safe-haven asset and a store of value, younger generations now see Bitcoin as a more dynamic and potentially rewarding investment,” the asset manager added.
Over the last year to date Bitcoin is up by 112.75%.
In late October the price of Bitcoin was soaring. At the beginning of 2023 Bitcoin showed signs of recovery according to Forbes, and by July was trading at $31,000 (R572,858). By the end of October Bitcoin was at $34,457 (around R636,737).
Forbes notes that the cryptocurrency had a “market capitalisation at $673.1 billion and market volume at $17.06 billion”.
On Thursday morning at 8.45am Bitcoin was valued at $36,649 (around R677,279).
IOL News