JP Morgan: old investors buy gold, young investors buy Bitcoin

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JP Morgan, which was one of the first U.S. major banks that showed interest in the crypto world, say investor behavior varies from generation to generation during the corona pandemic. While older and thus classic investors seem to be interested in gold in particular in recent months, younger investors are increasingly investing in Bitcoin, which seems to be going through a new period of growth.

Dimon and Bitcoin

The behavior of JP Morgan CEO Jamie Dimon has shown a serious twist when it comes to cryptocurrency.

Millennials are Buying Bitcoin While Older Generation Flocks to Gold, Says JPMorgan Analysts https://t.co/Z96g09hwbq pic.twitter.com/SnvsuSYIgg

— eurotrader (@eurotraderhub) August 6, 2020

In 2017, for example, he said he saw Bitcoin as an “instrument of fraud” that would easily crush global Western governments.

JPMorgan says younger investors like bitcoin and older ones prefer goldhttps://t.co/LqjCdOlvqM

— The Block (@TheBlock__) August 5, 2020

In recent years, however, JP Morgan has realized that crypto, and especially Bitcoin, is attracting new investors. That’s probably why his merchant bank was the first to enter into partnerships with both Coinbase and Gemini. Both of these large American crypto platforms come across as serious towards their customers and JP Morgan can attract a new class of younger customers. A win-win for both parties.

• Check out the live Bitcoin price here.

Gold and Bitcoin

In the an analyst report, which discusses investment trends in recent months, JP Morgan’s research department writes that “Millennials are embracing tech stocks, while older people are selling stocks.”.

Although investors saw a 46% rise in global equities this year from the lows of March, the rise in gold and the recent rallies of various cryptocurrencies stand out in yearly growth.

JP Morgan concludes that gold and Bitcoin have seen strong inflows over the past five months as both old and young see the case for an “alternative” currency. They also note that the weak dollar is dangerous in the long term.