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Bloomberg’s recent ETF IQ segment revealed a lot about the demand for Bitcoin ETFs in the current market. Nate Geraci, a financial advisory head of The ETF Store revealed that the millennial investors are more bullish on Bitcoin Exchange Traded Fund (ETF) rather than Gold.

Geraci during the interaction said that a majority of their young investors have enquired if they can replace a core gold holding, seen as a hedge/non-correlated asset, for Bitcoin. He went on to claim that almost 90 percent of their millennial clients have shown interest in Bitcoin over Gold.

However, the interesting point to note here is that there is no approved or regulated Exchange Trading Fund currently in the market for Bitcoin. In Fact, SEC has recently delayed the approval of VanEck Bitcoin ETF again. SEC started receiving ETF proposal applications from 6 years back, however, the committee has not approved even a single one until now. SEC has cited concerns over inadequate infrastructure at present that can prevent “fraudulent and manipulative acts and practices.”

Another reason could be the state of current products like Greyscale’s Trust which are priced well above the spot market.

However, those millennials who are interested in investing in Bitcoin and other top digital currency based ETF can take reassurance from the massive demand for Bitcoin ETF. It is a matter of time before SEC comes up with the approval as it did in case of regulating cryptocurrencies.

Blockchain Capital Data report published earlier this year confirms a huge demand for Bitcoin ETF. The report suggests that 42% of 18 to 34-year-olds stated that they would like to buy Bitcoin over Gold in the next 5 years.

Millennials Are Bullish On Bitcoin, But The Seniors Still Have Their Reservations

It is not a big surprise that millennials are quite bullish on Bitcoin, as they have seen the growth of the digital asset grow from near zero to $20k in 2017, and many of them also regretted not buying it earlier when they have been hearing about it for quite some time.

However, the seniors still have their reservation over the future of the Bitcoin and other digital assets, given the amount of negativity that cryptocurrencies receive from those who do not understand it.

According to a recent survey of 1000 retirees in America, Bitcoin is definitely not a hot cake among the seniors. The survey was conducted by Gold IRA Guide, a finance magazine. Out of the total sample size of 1000, one-third of them have not even heard of Bitcoin, which was unsettling given Bitcoin dominated TV debates and newsrooms during its price peak in 2017.

56.7% of the surveyed people stated that although they have heard of Bitcoin, they are not too keen on investing in it. The reason for their distance is the same as many no-coiners, they believe since it is not present in physical form, it is a completely imaginary construct.

Mark Turner, the head editor at Gold IRA stated that it was not that big of a surprise given any risk obviously deters risk-averse retirees. He explained further,

“Taking into account this most popular survey response, Bitcoin must do a better job of educating and explaining the many benefits its underlying blockchain technology offers businesses and industries to this audience. It also must dispel the myth that it is a completely imaginary construct with no real life value – something that tends to scare away older investors who remember bubbles all too well.”

Only 2.7 percent of the total retirees surveyed by the magazine nodded in affirmative about holding Bitcoin.

The views and opinions expressed in the article Millennials Show More Interest in Bitcoin Investing Than Gold, Reconfirming the Bitcoin ETF Demand do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.

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