Younger generations were always more open to new inventions and technologies than those who spent decades upon decades of their life without them, and the same is true for the crypto industry. Recent reports have revealed that wealthy millennials are the most bullish on cryptocurrency, and billionaire Ray Dalio came to a similar conclusion, noting that Bitcoin (BTC/USD) is already the younger generations’ alternative to gold.
Bitcoin is young people’s alternative to gold
The famous investor admitted to being impressed with Bitcoin and its underlying technology, the blockchain, noting that achieving what Bitcoin managed to achieve is an “amazing accomplishment.” Not only did it grow in value and popularity, but its technology was never hacked since it was created, and it always worked without issues.
Of course, Bitcoin has its shortcomings, including the inability to scale and speed up transaction processing, but the founder of the world’s largest hedge fund, Bridgewater Associates, says that he believes in the blockchain.
Dalio confirmed that he owns “a little bit” of Bitcoin, without revealing the exact amount, but he also said that he sees it as younger generations’ alternative to gold. Bitcoin is like gold, although gold is much better established as an alternative to fiat money, at least for now. He also pointed out that Bitcoin supporters view it as digital gold, and that the asset is on its way to becoming a store of value, and a hedge against inflation, rather than a currency used in everyday transactions.
He noted that Bitcoin has no intrinsic value, but that this is not the case when it comes to imputed value. As such, it definitely has some merit, as Dalio concluded.
