Image default
Bitcoin GBTC Grayscale Markets Millennial

Millennials Prefer Bitcoin to Alibaba, Netflix Stock as GBTC Hits $10K


Millennials prefer to hold Bitcoin (BTC) equity than invest in some of the world’s best-known companies, surprising new data reveals. 

In a report originally released in November, Charles Schwab, one of the United States’ biggest brokerage firms, shed new light on the increasingly pro-Bitcoin stance of Millennials compared to previous generations. 

GBTC makes inroads at Charles Schwab

1.84% of assets held as equity with Schwab are for the Grayscale Bitcoin Trust (GBTC), a Bitcoin investment vehicle that saw record participation in 2019. 

This is more than equity Millennials held in Berkshire Hathaway, Netflix, Disney Corp., and even Microsoft and Alibaba.

By contrast, Grayscale did not figure in the top choices of Generation X and Baby Boomer investors. Apple constituted the most popular overall equity holding across all three cohorts.

Reacting to Grayscale, Whittemore crypto marketing firm founder, Nathaniel Whittemore, described the company’s progress as “crazy.”

Twitter responses further alluded to the incoming transfer of wealth to Millennials from their predecessors. As Cointelegraph reported, the inheritance total could near $70 trillion, which would fall into the hands of those much more likely to expose their wealth to Bitcoin. 

$10,000 returns to BTC market

GBTC itself meanwhile currently trades with an implied BTC/USD price above $10,000, something, which it last achieved on Jan. 7 and previously in mid-November. 

Historical price data for GBTC. Source: Grayscale

The premium for GBTC now stands at almost 8%, reflecting a common assumption that institutional interest overall in Bitcoin is growing. 

At the same time, commentators predict a decrease in the premium occurring in sync with the 12-month timeout for two specific trading weeks last year.

Uploading a chart from Grayscale’s annual Digital Asset Investment Report, Coinmetrics.io co-founder and Castle Island Ventures partner Nic Carter forecast earlier this month:

“I’d be willing to bet that the GBTC premium will be crushed to single digits on the week of July 15, 2020, and October 21, 2020.” 

GBTC weekly investment tallies for 2019

GBTC weekly investment tallies for 2019. Source: Grayscale





Source link

Related posts

Amun Launched Short Bitcoin ETP on Leading Swiss Exchange SIX

moreico

Bitcoin Back Over $4K as Crypto Markets See Fifth Day of Green

moreico

Bitcoin’s ‘Bubble’ Cycle More Bullish Than Amazon’s Dot-Com Era Days

moreico