Bitcoin could become the new gold for millennials, JPMorgan says

Paypal’s endorsement of bitcoin is another step towards wider corporate acceptance of the cryptocurrency

Dan Kitwood/Getty Images Cryptocurrency bitcoin could start to compete with gold as an alternative currency as millennials start to age, according to a note from JPMorgan analysts.

Payment company Paypal’s decision last week to allow customers to buy and sell bitcoin using their Paypal accounts is “another big step towards corporate support for bitcoin”, the client note from JPMorgan managing director for global market strategy Nikolaos Panigirtzoglou said.

Sufficient corporate backing for bitcoin would help “facilitate and enhance over time millennials’ usage of bitcoin as an ‘alternative’ currency”, the note said.Older investors still look to gold as an alternative currency, whereas younger investors prefer bitcoin. Both gold and bitcoin exchange-traded funds have experienced strong inflows this year as young and old investors alike see the case for an alternative currency, Panigirtzoglou wrote.As millennials age, bitcoin could become […]

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