Bitcoin: “Millennials’ Gold”?
The professor of finance at Stern School of Business at New York University, Aswath Damodaran, described Bitcoin as “millennials’ gold” in a recent CNBC interview:
Change of Heart? The Dean of Valuation Describes Bitcoin as Millennials’ Gold
He argued that the asset class’s USD value heads north because a significant number of investors (10-15%) are willing to diversify their portfolios and choose the crypto market as an option.
Speaking about BTC, Damodaran – also known as “the Dean of Valuation” – described it as “millennial gold.” In his opinion, the yellow metal is an obsolete investment instrument for most of the youngsters who now find the digital currency as an attractive solution:
“If you are 35-years-old, and you have lost faith, you are no longer going to buy gold. That was for your parents and your grandparents. You are going to buy Bitcoin.”
The professor noted that BTC has not only swapped gold as a store of value but also real estate. He reminded that 50-100 years ago, people used to allocate their wealth in these assets, while now the cryptocurrency took the lead.
Subsequently, Damodaran drew the best-case scenario for bitcoin. He opined that if the digital asset becomes more stable and less volatile, it will gain global acceptance.