BITCOIN: THE GOLD OF YOUNGER GENERATIONS

Like in any good old adventure movie, the best treasure to find at the end of the rainbow or x-marked spot is gold. Those times, however, are long gone and the new treasure to have is Bitcoin.

Gold has undeniably been an asset to whoever owns it and it has been around for thousands of years. Not only is gold an asset, but it also serves a physical purpose in forms of jewelry, technological and medical uses and its versatility is hard to dismiss.

As times drift to a more digital age, electronic forms of payment have become more prevalent and normalized in society, which is where the Bitcoin investment comes in.

Bitcoin is a cryptocurrency that was established about a decade ago by an enigmatic Japanese person or group of people named Satoshi Nakamoto. Since its inception, people have bought this cryptocurrency as an investment that has paid off in the last couple of years.

At the beginning of 2021, investment bank JP Morgan stated that Bitcoin can rival gold if it were to become a safe-haven asset, meaning that its value won’t depreciate after time or if the financial market crumbles. In fact, Bitcoin prices tripled in the last six months to a record peak value of $36,000 at the start of January 2021, according to Reuters.

Although its value has fluctuated in the past years, Bitcoin has become a very appealing form of asset rivaling that of gold more than anything because of its digital presence. Investors, many of them millennials, have found that the practicality of Bitcoin make it easy to invest and access compared to gold, where it must be physically kept or passed down in order to possess.

It also helps that online payment services like PayPal facilitate buying, holding or selling cryptocurrency right at the tip of your hands.

Although its accessibility proves this form of asset practical, especially for younger generations like millennials and gen-Zers, Bitcoin won’t become an official safe-haven asset until everyone can agree that it does hold up its value, which might take a while considering that gold has been around far longer than Bitcoin has.