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Link copied toclipboardIt was only a matter of time before crypto bulls began forecasting that Bitcoin would steal the title of “safe haven” from gold.
Nigel Green, chief exec of financial advisory and fintech deVere Group, boldly claims that “Bitcoin will replace gold as the ultimate financial safe haven within a generation”.
So what’s the rationale behind it? According to Green, it’s all to do with millennials and Gen Z.
These younger generations are set to inherit some $60 trillion worth of wealth – “the biggest-ever generational transfer of wealth” from the ‘Baby Boomer’ generation.
Younger Australians alone will be the beneficiaries of around $3.5 trillion.
And, according to US-based cryptocurrency exchange Kraken, a growing swathe of Australian investors are seeking to diversify their holdings away from traditional ASX-listed blue chip companies in favour of alternate assets, including digital currencies.
“For thousands of years, gold has been the ultimate financial safe haven,” Green says.
“It’s always been the go-to asset in times of political, social and economic uncertainty as it is expected to retain its value or even grow in value when other assets fall, therefore enabling investors to reduce their exposure to losses.
“Moving forward, older investors are likely …
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