Bitcoin Gaining Favor Over Gold As Retirement Planning Asset: Report
When it comes to retirement planning, a growing number of Americans are putting their faith in Bitcoin (CRYPTO: BTC) over gold.
Kiss My Asset: According to a new LendEdu survey of 1,000 adults conducted on April 21, 56% of respondents said Bitcoin was the better investment to maximize profits, while 33% said gold was a superior choice.
When asked which was the superior investment product for maximizing profits on a $50,000 initial investment, 49% of respondents pointed to Bitcoin while 37% preferred gold.
But that’s not to say gold has completely lost its luster. When queried on which was the better store of value to protect against inflation, 50% of respondents chose gold and 39% picked Bitcoin. And for building a nest egg on a $50,000 initial investment, 45% said they would choose gold and 42% looked to Bitcoin.
Generation Gap: The survey also determined younger adults were more receptive to Bitcoin while the elders favored gold.
Among the respondents, 56% of those between 18 and 24 said Bitcoin was the better speculative asset while 29% thought gold was. At the other end of the age spectrum, respondents over the age of 54 said gold was the better speculative asset, with only 29% advocating for Bitcoin.
Furthermore, the 18 to 24 cohort were nearly split on which asset was the better store of value to protect against inflation, with 42% citing Bitcoin and 44% preferring gold. For the over 54 cohort, however, those percentages were 16% and 67%, respectively.
Into The Future: LendEdu observed that gold’s current market cap is currently $11 trillion while Bitcoin’s is $1.1 trillion. When asked which asset would have the bigger market cap by the year 2031, 43% of respondents said Bitcoin, 32% of respondents answered gold and 13% said equal.
When asked which would have the bigger market cap by 2041, 47% said Bitcoin, 29% said gold and 11% said equal.
“As we head into the future, this is welcomed news for Bitcoin bulls because if enough Americans already trust Bitcoin over gold as a retirement investment, then it could mean soaring Bitcoin prices as younger Americans amass more wealth, more purchasing power, and more of a stake in the virtual currency,” said Mike Brown, LendEdu’s director of communications.
(Illustration by Mohamed Hassan/Pixabay.)
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