More than a third of millennials and half of Generation Z would be happy to receive 50% of their salary in Bitcoin and/or other cryptocurrencies, reveals a new survey.
The findings from a global poll carried out by deVere Group, one of the world’s largest financial advisory, asset management and fintech organisations, show that 36% of those born between 1980 and 1996; and 51% of those born 1997 and 2012, would welcome their jobs to pay in digital currencies.
More than 750 clients under the age of 42 of the organisation’s deVere Crypto app were surveyed in the UK, Europe, North America, Asia, Africa, Australia and Latin America.
The research comes as New York City mayor-elect Eric Adams announced plans to take his first three paychecks in Bitcoin, in his latest move to compete with Miami as one of America’s top crypto hubs.
Of the findings, deVere CEO and founder Nigel Green comments: “The results of this poll underscore what we have known for a long time: that younger generations are embracing cryptocurrencies largely because they are ‘digital natives.’
“They’ve been influenced by the enormous surge in tech as they came into adulthood. They are comfortable using and see the value in and massive potential of digital currencies.
“They appear to trust an autonomous decentralised digital currency and payment system over a traditional system where legacy financial institutions and governments are in control.”
He continues: “With more than a third of millennials and half of Gen Z happy to receive 50% of their salary in Bitcoin and/or other cryptocurrencies, they clearly believe that crypto is the inevitable future of money. And I agree with them.
“They see the inherent value of digital, borderless, global currencies for trade and commerce purposes in increasingly digitalised economies in which businesses operate in more than one jurisdiction.
“Cryptocurrencies make a lot of sense in today’s world.”
The results of the survey come as Nigel Green correctly predicted that Bitcoin would hit new all-time highs – and it did so on Monday evening.
The second largest cryptocurrency by market cap, Ethereum, also reached fresh highs.
He noted in the media on Monday morning: “Bitcoin’s gravitational pull on other digital assets will show itself again this week, pulling up other major cryptocurrencies as it maintains its own strength.
“We can expect those cryptos involved with fintech development, such as Ether, Solana and Cardano, to do particularly well.”
The deVere CEO and founder concludes: “As interest, demand, and regulatory acceptance continues to pick up already impressive momentum, naturally, there will be a growing number of people willing to have their salaries paid in Bitcoin and other cryptocurrencies.
“Indeed, one day it will be the norm.”
Fintech CEO: Bukele Doubles Down on Dubious Bitcoin Dip Highlights Culture of Innovation
As Bitcoin dipped, losing $10,000 over a 24-hour period, El Salvadoran President Bukele bought the dip. Publicly. On Twitter. Despite receiving pushback from folks like economist Peter Schiff. His announcement noted simply, “El Salvador just bought the dip! 150 coins at an average USD price of ~$48,670 #Bitcoin”
“What’s interesting about President Bukele is that he’s staked the entirety of his political future on his Bitcoin gambit. But, this dip doesn’t seem to be based on anything more than an overall fear of the new variant of the coronavirus. With that being the case, if you’ve already bet big on Bitcoin, it makes a lot of sense to double down when such an opportunity arises. History will decide how we view President Bukele, but it seems to be clear that he’s interested in building a culture of innovation around blockchain technologies, digital assets, and Bitcoin,” said Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges.
“Culture is important in tech. There are a lot of ways to build that culture. One of them is through the press. But, most look beyond the headlines. What is the commitment in terms of regulatory or ancillary dedication to making their tech industry flourish? In this case, buying the dip carries political risk, and Bukele moved forward regardless. It is in line with his launch of a Bitcoin mining operation using geothermal power. The culmination of these efforts is probably why crypto investors from Europe made the trip out to El Salvador to learn more about what’s happening there,” said Gardner.
“We’re already in the green from our last purchase, in less than 24 hours. You know boomer, we have 44,106 oz of gold in our reserves. Worth $79 million, down 0.37% from a year ago. If we had sold it a year ago and bought #Bitcoin, it would now be valued at $204 million,” Bukele wrote on Twitter in response to a tweet from Peter Schiff, which labeled the recent purchase a “waste.”
“It is clear that digital assets are here to stay. Central banks around the world are racing to develop, beta test, and release their own digital currencies. El Salvador and Bukele are taking a different tack than many countries. It is certainly more aggressive than most. However, most of us in the industry expect that digital assets will truly transform the way we interact with the financial system. Even institutional investors, as well as former naysayers like Kevin O’Leary, are banking on cryptocurrency as part of their investment mélange. Building a tech culture, however necessary, may well pay dividends to Bukele’s country down the road, particularly in terms of international investment,” said Gardner.
Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Modulus has provided its exchange solution to some of the industry’s most profitable digital asset exchanges, including a well-known multi-billion-dollar cryptocurrency exchange. Over the past twenty years, the company has built technology for the world’s most notable institutions, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.
“Right now, one of the biggest concerns to manage in order to ensure a positive crypto future resides in the custody space. When there are providers with significant security flaws being given multi-billion dollar valuations, that’s problematic. I believe the custody situation will right itself in time. Eventually, a fintech firm with a history of innovation and security will emerge, giving investors and exchanges another option to safeguard their assets. That’s one of the final pieces necessary for cryptocurrencies to realize their true and full potential,” said Gardner.
Bitcoin is a Better Inflation Hedge Than Gold: deVere CEO
The Bitcoin rally stalled on heightening global worries about inflation, but, says the CEO of one of the world’s leading financial advisory, asset management and fintech firms, it remains “a better shield than gold.”
The largest cryptocurrency by market capitalization ended three consecutive days of healthy gains, before stabilizing, after U.S. Federal Reserve Chair Jerome Powell said on Tuesday it may be time to stop using the term “transitory” as a way of describing the current wave of inflation.
Meanwhile, inflation in Europe has ballooned to the highest on record.
Mr Green says: “Bitcoin is perceived by many investors as a hedge against inflation due largely to its strict supply controls.
“As such, it would be assumed that its price would automatically rise when the U.S. central bank suggests that it would consider speeding up the reduction of its asset purchase policies that have boosted the stock markets.
“But for other investors, including some major institutional investors who have piled into Bitcoin in recent months, the cryptocurrency is still perceived as a risky asset.
“So when they sell-off riskier assets, despite the longer-term outlook and based on short-term hawkish policies from the world’s de facto central bank, Bitcoin, like equities, also becomes vulnerable.”
A long-term, high-profile crypto advocate, Mr Green remains confident that “Bitcoin is today a greater inflation shield than gold”, which has long been the standard go-to inflation hedge.
He says: “Gold has always been regarded as the ultimate inflation hedge – but the world is a much different place now. Our lives and the global economy is increasingly run on tech and digital solutions and this megatrend is only set to become more dominant.
“Gold is likely to be dethroned within a generation as millennials and younger investors, who are so-called ‘digital natives’, are going to be more comfortable with Bitcoin as a hedge than a physical metal.”
The deVere CEO goes on to say: “Bitcoin is often referred to as ‘digital gold’ because like the precious metal it is a medium of exchange, a unit of account, non-sovereign, decentralized, scarce, and a store of value.
“Yet, the cryptocurrency, Bitcoin is superior to gold as a medium of exchange or form of payment.
“Unlike gold, it is a fixed unit of account and easily divisible and transportable. Gold is not easily immediately divisible, and there are potential issues with purity and verification. Whereas Bitcoin is easily traced on blockchain technology and this is going to be a considerable advantage, especially in cross-border transactions.”
Mr Green concludes: “Gold and Bitcoin can, and perhaps should, complement each other in a portfolio.
“But as the world continues to pick up momentum in its shift towards tech, and as millennials become a more dominant part of the world economy, we should expect Bitcoin to also take an increasingly influential role in financial markets, including in regards to being an inflation hedge.”
MicroStrategy Adds 7,002 Bitcoin to Portfolio
Yet again MicroStrategy, an Amereican business intelligence company has purchased an additional 7,002 Bitcoin worth $414.4 million to its digital asset portfolio, summing its total bitcoin asset to $3.57 billion.
The CEO of MicroStrategy, Michael Saylor made the purchase announcement on Monday via a Twitter post.
He tweeted, “MicroStrategy has purchased an additional 7,002 bitcoins for ~$414.4 million in cash at an average price of ~$59,187 per #bitcoin. As of 11/29/21 we #hodl ~121,044 bitcoins acquired for ~$3.57 billion at an average price of ~$29,534 per bitcoin”.
MicroStrategy currently owns 121,044 BTC valued at $3.57 billion that were acquired at an average price of $29,534 per bitcoin.
At the time of writing, data from Kucoin shows that Bitcoin is trading at $56,490 per coin. This implies that Microstrategy’s total bitcoin asset is worth over $6.8 billion.
On Friday, Saylor tweeted, “Bitcoin offers better inflation protection than gold and is growing faster than big tech.”
Saylor believed that Bitcoin (BTC) “is the only property you can truly own, as well as the first technology capable of granting property rights to everyone on earth and In time, we will come to understand that it is concentrated energy in digital form and critical to the progression of our civilization.”
Despite some countries showing little to no adoption to digital assets, Saylor believed that Bitcoin has a potential to become a $100 trillion asset class. He said “digital gold is going to replace gold this decade.”
The MicroStrategy CEO further said the company is not troubled with the ongoing discussion on crypto regulation, noting that it will affect security tokens, decentralized finance (defi) exchanges, crypto exchanges, and other use cases of cryptocurrency that are not bitcoin. In his opinion, “bitcoin is unstoppable as digital property.”
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