Bitcoin (BTC) seems to be the new gold for younger generations. This is what the CEO of BitPanda, Eric Demuth considers. As the crypto market continues growing, investors from different jurisdictions start entering the industry. Younger users seem to be more interested in virtual currencies than older generations.
Bitcoin Attracts Young Generations
According to Demuth, Bitcoin can be considered Gold 2.0 because it became a better version of gold itself. During the interview, he explained that Bitcoin is more for the “digital generation” rather than to traditional or older investors.
Indeed, virtual currencies can be acquired anywhere around the world through a wide range of methods and platforms making it very easy for users to get them. Millennials that have grown with technologies already integrated into the society, see virtual currencies as something closer to them than stocks or other traditional investments.
About the expansion of virtual currencies and digital assets, Eric Demuth commented:
“I think crypto has already become an asset class that owns its own that will never vanish again. They will always be there. Especially, Bitcoin is like the gold standard of crypto. There will never be a world without digital assets or digital currencies.”
At the same time, the CEO of BitPanda talked about regulations in the cryptocurrency market and how they can help the market expand. He explained that the European Union made a wise decision not to regulate the space in a hard way at the very beginning. This would have harmed innovation and startups that were just starting to develop their solutions and products.
Nonetheless, governments must take scammers down and help the whole ecosystem grow by attacking those that are scammers and falsely advertising or promoting digital assets. Indeed, the crypto market was affected by a large number of exit scams or pyramid schemes in the early years.
In 2017, for example, a large number of Initial Coin Offerings (ICOs) were released to the market, which attracted several investors that believe it was possible for these projects to become “the next Bitcoin” or reach the top 10. Of course, most of these ICO projects disappeared and just the best remained active in the market.
At the time of writing this article, Bitcoin, the largest virtual currency in the market has a price of $9,100 and a valuation of $166.4 billion.