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Bitcoin v Gold: Can the cryptocurrency steal the safe haven crown?

It was only a matter of time before crypto bulls began forecasting that Bitcoin would steal the title of “safe haven” from gold.

Nigel Green, chief exec of financial advisory and fintech deVere Group, boldly claims that “Bitcoin will replace gold as the ultimate financial safe haven within a generation”.

So what’s the rationale behind it? According to Green, it’s all to do with millennials and Gen Z.

These younger generations are set to inherit some $60 trillion worth of wealth – “the biggest-ever generational transfer of wealth” from the ‘Baby Boomer’ generation.

And, according to US-based cryptocurrency exchange Kraken, a growing swathe of Australian investors are seeking to diversify their holdings away from traditional ASX-listed blue chip companies in favour of alternate assets, including digital currencies.

“For thousands of years, gold has been the ultimate financial safe haven,” Green says.

“It’s always been the go-to asset in times of political, social and economic uncertainty as it is expected to retain its value or even grow in value when other assets fall, therefore enabling investors to reduce their exposure to losses.

“Moving forward, older investors are likely to continue with gold, but millennials and Generation Z, who are so-called ‘digital natives’, can be expected to go for Bitcoin and other digital currencies instead.

“I believe that the precious metal will lose its crown as the most sought-after reserve asset to Bitcoin within a generation – particularly because the biggest-ever generational transfer of wealth, likely to be more than $60 trillion — from baby boomers to millennials is already underway.”

Green argues that Bitcoin’s key characteristics — such as its fixed supply and how transactions are immutable, distributed, non-sovereign and decentralised — are highly attractive for investors in an uncertain but increasingly digitalised, tech-driven world.

“It has already ...

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