Lately, everyone seems to be bullish on bitcoin, considering the asset just spiked past $18,500 – its highest spike in three years. While everyone is optimistic that the currency will keep on shooting up, many people have several reasons to believe this. BlackRock’s CIO Rick Rieder, the main reason is the millennials.
Millennials made Bitcoin Is Do Well.
Millennials are the younger generation that spent their teen years or early adult years during the Great Recession. They have witnessed banks taking advantage of the systems they were given and the customers that came in for assistance. They have seen credit card companies and other financial institutions bailed out while people lost their homes, jobs, and savings in just one sweep.
They have also seen politicians repeatedly lie about where the state of the world is going, and it can be said that they have lost faith not only in the dollar but also in how traditional banks does their business. To the millennials, the financial system is the enemy of the people.

So it makes sense that they will be attracted to bitcoin and other digital assets. Bitcoin initially came about in the time of the Great Recession. The whitepaper came out in 2008, and it was ready for early trading the next year. Bitcoin has been designed to be a tool that can free one of a standard bank’s confines. They can also use the asset to get the products and services they need without worrying about credit cards and job backgrounds.
Bitcoin doesn’t discriminate, and it will let anyone with an online or digital wallet begin engaging in trades. Millennials were attracted to this element after everything they have seen and all the failures in the previous years.
According to Rieder, it seems that the attitude continues to move forward, as most millennials were still shocked by crypto. He also said that digital currencies are “here to stay” thanks to younger generations and their open-mindedness to what they do and what they bring to the financial table. He continued that bitcoin can replace gold shortly and that most young users are intrigued by the idea of bitcoin payments.
In an interview, he said:
“Bitcoin is so much for functional than passing a bar of gold around.”
Gold to Step Aside
Some companies also feel this way, including JPMorgan, who recently commented that bitcoin has everything it needs to compete with gold. It explained:
Even the crowding out of gold as an ‘alternative’ currency in the long term would mean that the bitcoin price rises.
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