Millennials Are Getting Rich with Cryptocurrencies but Don’t Abandon Gold

Millennials are turning to alternative investment options such as gold as a safe haven after their money was screwed by deep drops of the stock market in 2020. However, cryptocurrency is still their number one choice.

Following the skyrocket in the price of precious metal in 2020, a 32% increase in the millennial customers were recorded, according to the report by Royal Mint, UK's giant producer of bullion coins.

On the other hand, it is not likely that they are going to abandon digital assets. As per the report by DeVere, a financial adviser, about 67% of over 700 millennial customers it surveyed responded that they preferred investing in cryptocurrency to gold.

The African youth are taking advantage of cryptoasset and distributed ledger technology (DLT) to grow and develop the financial realm in the continent. As per the data by Localbitcoins released in March 2020, more than $2.5 million was traded by millennials from just four countries which includes Tanzania, South Africa, Kenya and Nigeria.

Bitcoin the new gold for millennials

The price of Gold per Ounce is now standing at $1,841.98 and the price of 1BTC is around $47,000. Covid-19 has played a big role to see these two assets gain in value.

The highest price in history for gold was $2,067.15 that happened in August 2020, according to the data by KITCO, while the all-time high price for Bitcoin was $48,003.72 that happened on February 9, 2021, according to the data by CoinMarketCap. Thanks to the economic uncertainty caused by Coronavirus plague that forced people to invest in these valuable assets.

Nevertheless, Gold is slowly losing its status as a store of value due to the fact that Millennials (who make about 1.9 billion people globally) and Generation Z (who make up to 2 billion people globally) don’t have easy access to it. Due to high returns on BTC, the large populace of Millennials and Gen Z are flocking to using digital currencies at a high rate. 

Building the future with cryptocurrency

Millennials want to use digital currencies to build the future. In fact, they are the ones driving the BTC economy. So far, more than 20% of the millennials have invested in cryptoasset, according to the survey done in the UK.

Even if digital currency investment is now an irreversible trend for most people including millennials and Gen Z, it still remains a bit tricky and challenging to make good money in it.

Although several traders and investors have made a luxurious living or have earned some huge profits by good luck before 2 years, these days most of the winners earn profits from crypto by making thorough analysis, having great skills in the market, and having rich experience. So, the millennials have to be more serious with cryptocurrency investments if they are to leap big in it – they have to consider it as any other serious investment.