Bitcoin is new gold for millennials, Wharton’s finance professor says
Bitcoin (BTC), the world’s most-valued cryptocurrency, has replaced gold as an inflation hedge for young investors, according to Wharton’s finance professor.
Gold’s performance was “disappointing” in 2021, Wharton School’s finance professor Jeremy Siegel said in a CNBC Squawk Box last Friday.
On the other hand, BTC has been increasingly emerging as an inflation hedge among younger investors, Siegel argued:
Siegel has also reminded that older generations witnessed how gold soared during the inflation of the 1970s. “This time, it is not in favor,” he added.
Gold, which traditionally emerged as an asset class providing a hedge against inflation, failed to meet investors’ expectations in 2021, recording its worst year since 2015 and dropping around
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