Jeremy Siegel, professor of finance at Wharton, shared his thoughts on the prospects for the development of the crypto market in an interview with CNBC. He warned of inflation and the Federal Reserve’s (Fed) rate hike, and also said bitcoin has become the new gold for millennials.
Finance professor discusses bitcoin and inflation
American economist and professor of finance at the Wharton Business School, Jeremy Siegel studies financial markets. In an interview with CNBC, he was asked about gold and commodities as future investments. Siegel pointed out that the younger generation sees bitcoin as an investment, not gold.
“Let’s face it. I think bitcoin has already replaced gold as an inflation hedge in the minds of many young investors. Digital currencies are a new gold for millennials», Indicated the economist.
Professor Siegel also believes that investors should have access to commodities. In his view, this can be done by investing in emerging markets. In addition, the economist has long been concerned about rising inflation around the world. Previously, he criticized the Fed for its considerable delay in adopting anti-inflationary measures.
“I have been saying this for a long time. I’ve been warning about inflation for a year and a half“, He underlined.
Millennial Millionaire Study
At the end of 2021, the Millennial Millionaires study conducted by the American television channel CNBC revealed a high rate of cryptocurrency ownership among millennials (born in the 1980s and 1990s) as a risk hedging tool. , investments and savings funds.
A CNBC poll found that about 83% of Millionaire Millennials own cryptoassets. At the same time, 48% of respondents plan to increase the volume of investments in digital currencies in 2022, and only 6% intend to reduce the number of digital assets in their wallets.
Most millionaire millennials who have invested in cryptocurrency expect an increase in the return on their investments in the future. That said, they define inflation as a major problem and a threat to economic growth. Unlike the majority of the population who fear rising prices caused by inflation, millennials tend to worry about rising interest rates and how it affects their investments.
Previously, former Australian politician and Tory leader Cory Bernardi claimed that the first cryptocurrency was a “version of gold for millennials“. The ex-senator added that bitcoin presents the same risks as other asset classes.
In conclusion, it should be noted that the younger generation is increasingly opting for cryptocurrency. It is very likely that this will bring them a significant income in the future.
Source: Bitcoin.com
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Jade Moreau
The blockchain offers so many possibilities! After NFTs and the metaverse, who knows what this technology can still offer us? This universe fascinates me and I love to read and write about it. I wish you so much fun reading me!
