Millennials Prefer Bitcoin to Alibaba, Netflix Stock as GBTC Hits $10K
Data from Charles Schwab makes it clear that Bitcoin is considered one of the most viable investment opportunities by the younger generation.
In a report originally released in November, Charles Schwab, one of the United States’ biggest brokerage firms, shed new light on the increasingly pro-Bitcoin stance of Millennials compared to previous generations.
GBTC makes inroads at Charles Schwab
This is more than equity Millennials held in Berkshire Hathaway, Netflix, Disney Corp., and even Microsoft and Alibaba.
By contrast, Grayscale did not figure in the top choices of Generation X and Baby Boomer investors. Apple constituted the most popular overall equity holding across all three cohorts.
Reacting to Grayscale, Whittemore crypto marketing firm founder, Nathaniel Whittemore, described the company’s progress as “crazy.”
Twitter responses further alluded to the incoming transfer of wealth to Millennials from their predecessors. As Cointelegraph reported, the inheritance total could near $70 trillion, which would fall into the hands of those much more likely to expose their wealth to Bitcoin.
$10,000 returns to BTC market
GBTC itself meanwhile currently trades with an implied BTC/USD price above $10,000, something, which it last achieved on Jan. 7 and previously in mid-November.
Historical price data for GBTC. Source: Grayscale
The premium for GBTC now stands at almost 8%, reflecting a common assumption that institutional interest overall in Bitcoin is growing.
At the same time, commentators predict a decrease in the premium occurring in sync with the 12-month timeout for two specific trading weeks last year.
“I'd be willing to bet that the GBTC premium will be crushed to single digits on the week of July 15, 2020, and October 21, 2020.”
GBTC weekly investment tallies for 2019. Source: Grayscale