A recent collation of studies compiled by SimpleMoneyLife shows that 67% of millennials prefer holding Bitcoin to gold.
Millennials are those between the ages of 25 and 40 years. The research referenced a study by deVere Group which claimed that those in this age group see Bitcoin as a superior safe-haven asset than gold. This narrative is becoming increasingly popular in crypto cycles. Ethereum’s founder, Vitalik Buterin, in his 2020 endnote called gold “lame.” Billionaire Ray Dalio has also compared Bitcoin to a gold-like alternative.
The study confirms that Bitcoin along with other cryptocurrencies is beginning to lose its bad reputation. The digital asset is gaining popularity and several crypto critics are beginning to shift grounds.
The study goes further to make a claim in favor of Bitcoin’s rarity. Although gold is a scarce commodity, its supply remains unknown. Bitcoin, on the other hand, has a known fixed supply of 21 million tokens.
Unlike gold, we know exactly how much Bitcoin is currently in circulation and how much will be in 2050. Bitcoin is better at being scarce than gold.
In terms of distributions, there is a lot of inequality in the Bitcoin ecosystem. For a start, the industry is male-dominated. While 85.77% of males are engaged in Bitcoin communities, only 14.23% of females are interested in the digital asset. Furthermore, 2% of wallets control more than 95% of the total Bitcoin in circulation.
According to the crypto research platform, CoinCheckup, the cryptocurrency market cap is $936.82B.