“OK boomer,” the snarky bitcoin devotee tweeted at me, having read my last critical piece concerning what’s increasingly becoming known as the “digital gold” in investment markets.
For the record, I’m not a boomer. I’m generation X. But it scarcely matters. What does is that the ranks of those comfortable with the virtual currency are growing.
Millennials are leading the charge. De Vere, a financial adviser, found that more than two-thirds (67 per cent) of the 700+ millennial clients it surveyed said that they preferred bitcoin as a safe-haven asset to gold.
They are increasingly dragging the gen-Xers and boomers who dominate the world government of money with them.
Bitcoin is “here to stay” said Rick Reider, BlackRock’s chief investment officer of fixed income in an interview with CNBC last month. BlackRock is the world’s biggest fund manager. Reider’s views created quite the flutter, precisely because they have clout.
His boss, CEO Larry Fink, wondered earlier this week whether the crypto-currency could ultimately have an impact on the dollar’s status as the world’s reserve currency. He was answering questions alongside Mark Carney, the former governor of the Bank of England at a Council on Foreign Relations digital symposium.
Fink’s endorsement of bitcoin, if that’s what it was, was tepid indeed. “You see these big giant moves every day. It’s a thin market,” he said. “Can it evolve into a global market? Possibly.”
But that’s still a very different take to the one he had in 2017, the last time Bitcoin scaled the heights it has reached today. Then he called it an “index of money laundering”.
JP Morgan boss Jamie Dimon was more even more blunt. He branded bitcoin owners as “stupid” and said he wasn’t going to talk about it any more.
The tide has turned since then. Janet Yellen, president-elect Joe Biden’s proposed treasury secretary and a former governor of the US Federal Reserve, has said she’s not…