Wharton finance professor calls Bitcoin new gold for millennials
In a recent interview with CNBC, Wharton School finance professor Jeremy Siegel called Bitcoin the new gold for millennials after the precious metal recorded disappointing results in 2021.
With Bitcoin recording more than 70% yearly returns in 2021, Siegal said it has become the new gold for the millennials as the cryptocurrency consistently proved itself to be a better hedge against inflation. He said in the interview:
“Let’s face the fact, I think bitcoin as an inflation hedge in the minds of many of the younger investors has replaced gold … Digital coins are the new gold for the millennials. I think that the story of gold is a fact that the young generation is regarding Bitcoin as the substitute.”
Gold, which historically reacts well to inflation, recorded a drop of 5% in 2021. On the other hand, Bitcoin reported nearly 70% gains last year despite massive fluctuations.
During the interview, Siegal also warned investors about inflation, especially after the Fed tapered off its pandemic-era monetary policy. According to Siegal, the Fed will likely hike rates several times in due course.
Multiple altcoins surpassed Bitcoin to record high-level gains in 2021. Ethereum, the second-largest crypto asset, recorded 326% in yearly gains. Meanwhile, ‘Ethereum Killers’ Solana and Cardano recorded 11,634% and 613.20% in annual returns, respectively.
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