Jeremy Siegel, a finance professor at the Wharton School of the University of Pennsylvania said on Friday that Bitcoin has become the new gold for millennials.
He made the statement appearing on CNBC’s Squawk Box where he also warned for inflation and ongoing interest hikes by the U.S. Federal Reserve.
The Russell E. Palmer Professor Emeritus of Finance at Wharton School shared his outlook for various markets that he believes investors should have exposure to this year.
“Bitcoin as an #inflation hedge in the minds of many of the younger investors has replaced #gold,” says Wharton’s Jeremy Siegel. “Digital coins are the new gold for the millennials.” #btc #bitcoin pic.twitter.com/mxnSfpIhKa
— Squawk Box (@SquawkCNBC) December 31, 2021
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When he was asked about gold and commodities as investment opportunities, Sigel noted that gold “has been disappointing,” in the past year and added that “it’s a fact that the young generation is regarding Bitcoin as the substitute” for gold. The professor said:
“Let’s face the fact, I think bitcoin as an inflation hedge in the minds of many of the younger investors has replaced gold … Digital coins are the new gold for the millennials.”
He continued by referencing to the past:
“Old people remember the 1970s. That inflation time, gold soared. This time it is not in favor.”
Siegel advises investors to get some exposure to commodities, however this has to be done in emerging markets, which are commodity sensitive.
Having already raised concerns on multiple occasions, the finance professor also spoke about inflation, emphasizing:
“I’ve been saying this for a long time. I’ve been warning about inflation for a year and a half.
The Fed and the fiscal authorities so way overdid it, particularly the Fed on liquidity. They are so far behind the curve that we have a lot of inflation that is embedded in.
The Fed is going to have to hike many more times than what the market expects.”
Professor Siegel’s research at Wharton is focused on demographics, financial markets, long-run asset returns, and macroeconomics.
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Source: Igaming
