Thursday, January 27, 2022

Bitcoin is the new gold for young investors, know who said it

‘Jeremy Siegel’, Professor of Finance at the Wharton School of the University of Pennsylvania, has made a big deal about bitcoin. In an interview, Jeremy said that bitcoin is working better as a hedge against inflation than gold. It has carved a niche in the minds of young investors. In an interview given on Friday, he said that bitcoin has replaced gold in the minds of many young investors. These digital coins are the new gold for Millennials.

given to CNBC Interview In 2012, Professor Jeremy said that Gold’s performance in the year 2021 has been ‘disappointing’. This is the worst year for Gold since 2015. Gold lost 5.81% of its value during 2021, while bitcoin gained about 60%. In comparison, the S&P 500 gained nearly 30 per cent.

Bitcoin campaigners such as Anthony Scaramucci have touted this as an inflation hedge, while some say it should give bitcoin more time to prove this point. People such as ‘William Kai’, co-founder and managing partner of financial services company Wilshire Phoenix, say that gold and bitcoin are not competitors in an environment of high inflation. Investors can invest in both.

Significantly, 2021 proved to be a very good year for Bitcoin. The world’s largest cryptocurrency made its all-time high this year and reached the mark of $60,000 (approximately Rs 44,55,079). However, since then the coin has seen most of the decline. Given this volatility, cryptocurrency experts are facing difficulties in predicting next year’s results.

The beginning of 2022 is not proving to be good for the cryptocurrency market. For the past few days, the prices of many big cryptocurrencies including Bitcoin, Ether, Dogecoin, Shiba Inu have been recording a steady decline. On Tuesday, a decline of 0.61% was recorded in the value of bitcoin (Bitcoin latest value). At the time of writing this, the price of bitcoin on the Indian exchange CoinSwitch Kuber was around $49,922 (approximately Rs 37 lakh). Around Christmas, bitcoin was priced around $52,000 (approximately Rs 38.7 lakh) on several exchanges, but soon after, the price dropped again.

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