Both the stock market and gold trade were left behind by Bitcoin returns 3 years in a row. Some investors claim that gold disappointed the digital traders in 2021 as an effective hedge against inflation. The gold market has not performed so poorly since 2015. Under the current circumstances, one academic has come forward to elaborate.
Jeremy Siegel is a professor of Finance at Wharton School. He recently iterated that Bitcoin is the digital gold equivalent for millennial digital investors. He further added that gold performed below par and below expectations for the 2021 financial cycle. Siegel was invited to speak at CNBC’s show Squawk Box recently.
>> Try the #1 AI Trading Robot - Click Here <<
Finance professor Jeremy Siegel recently told the media that while the younger generation has embraced Bitcoin with an open mindset, the older generation is not far behind. He further explained that while gold had a great run during the 1970s, the traders were waking up to the realization that the yellow metal markets had started to disappoint them.
He also claimed that the current time is not in favor of gold investors. The year 2021 was recorded as the worse performance year for traders since 2015, closing at an underwhelming $1,800. Siegel told the media that the younger generation of investors has decided to regard Bitcoin as a viable and reliable substitute for gold.
The fact that Bitcoin provided the investors with a 70% ROI for the Year-on-Year roundup is highly debated among the investors. More people have started to take an interest in the cryptocurrency markets this year due to the onslaught of the COVID pandemic. Meanwhile, many noteworthy names started to endorse cryptocurrencies, like Mark Cuban.
Barry Strenlicht, the co-founder of Starwood Capital, recently claimed that Bitcoin is, in comparison to gold was, worthless. He also declared to have Bitcoin reserves and criticized the government for printing more money and starting fiat devaluation. On the other hand, investors like Kevin O Leary claim that he wants to stay away from the bloody Bitcoins minted from China.