Financial markets boast about record prices of gold. This year, the growth was more than 30%. But among younger and more tech-savvy investors, the biggest cryptocurrency — Bitcoin — is gaining popularity. At the end of July this year, Bitcoin’s worth has passed the 10,000 dollar mark.
Some banks have noticed that the behavior of retail investors during a pandemic is very often dependent on the age group. It is worth noting that:
– Bitcoin and gold fare very well nowadays as “alternative” currencies.
– Younger investors prefer cryptocurrencies and shares of technology companies
Young people prefer Bitcoin, whereas older people prefer gold
Older investors buy gold more frequently, whereas the younger ones buy Bitcoin, or so the strategists deduce at least. There is an increased interest in alternative currencies. Moreover, millennials purchase shares, especially those of technology companies, whereas older people sell their shares.
Share prices worldwide are up to 46% higher than March this year. Global stocks of listed funds have also been increased — and they are based on gold or recent cryptocurrency increases. Strategists from JPMorgan wrote that ETF gold and Bitcoin have had a strong inflow in the last five months because everyone sees some actual “sense” in virtual currencies.
Bitcoin worth even 11,300 dollars
As for the Bitstamp exchange, the price of Bitcoin is approximately 11,300 USD. It is worth knowing that on Thursday, the test of key resistance has caused a projected increase to 12,000 USD.
The Bitcoin is supported by a zone within the 10,000 USD range, which was still used as resistance in July. If the price of Bitcoin on the stock exchanges continues to increase, then there is a chance to get into a zone that is $1,000 higher.