Bitcoin is new gold for millennials, Wharton finance professor says

), the world’s most-valued cryptocurrency, has replaced gold as an inflation hedge for young investors, according to Wharton’s finance professor.in a CNBC Squawk Box interviewOn the other hand, BTC has been increasingly emerging as an inflation hedge among younger investors, Siegel argued:

“Let’s face the fact, I think Bitcoin as an inflation hedge in the minds of many of the younger investors has replaced gold. Digital coins are the new gold for the Millennials. I think that the story of gold is a fact that the young generation is regarding Bitcoin as the substitute.” Siegel also reminded that older generations witnessed how gold had soared during the inflation of the 1970s. “This time, it is not in favor,” he added.

Gold, which traditionally emerged as an asset class providing a hedge against inflation, failed to meet investors’ expectations in 2021,

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