07 Aug 2020 #Bitcoin
This shift comes as more investors start turning to the benchmark cryptocurrency due to its status as a “hard asset” – which many be sparking a trend of accumulation amongst investors. One group, in particular, that might be behind this trend is young investors. A recent analysis from banking giant JPMorgan shows that this group is widely accepting Bitcoin as both a store of value and as an alternative to the U.S. Dollar.
This trend was highlighted in a recent post from analytics firm Glassnode, in which they explain that over the past five years, the percentage of the BTC supply owned by entities with less than ten BTC has grown by nearly 9%. They also note that the percentage of the supply owned by entities holding between 100 and 100,000 BTC has declined from roughly 63% to 49.9% currently.
NewsBTC reported yesterday that a recent analysis put forth by JPMorgan revealed that the younger generations have a high inclination to invest in Bitcoin. “The two cohorts show divergence in their preference for ‘alternative’ currencies… The older cohorts prefer gold while the younger cohorts prefer bitcoin,” the bank’s analysts wrote.
Because Bitcoin is currently performing incredibly well against a backdrop of immense money printing and economic turbulence, there’s a high chance that this trend will only pick up steam as demand for “hard assets” continues growing.
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