New Delhi Morgan Stanley strategist: Millennials are buying more Bitcoin

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Last Updated on 15 September 2020 by CryptoTips.eu

Jeroen Kok

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When the Chief Global Strategist at Morgen Stanley starts explaining that at this point it might be wiser in the future to invest in Bitcoin and Gold rather than to stick to the good old stock market, our ears start pointing upwards.

Yes, in an interview on CNN last week, Mr Ruchir Sharma, Morgan Stanley’s Head of Emerging Markets discussed stocks, gold, and also Bitcoin.

The problem for major US investment banks are the rising interest rates and the fact that the central banks have all turned on the money printers in order to deal with the economic fallout of Covid-19.

It is the opinion of Mr Sharma that next year, when the layoffs at many companies will become clear as the year end books are put in front of management boards, interest rates could start to rise “more quickly than we think”.

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Millennials are buying bitcoin

Although he believes that the older, classic investors will therefore switch to gold “some of the younger ones are, the millennials are buying more of the bitcoin and cryptocurrencies”.

To have about 5% or so of your portfolio in gold is not a bad idea, and if you’re a bit more adventurous, and I guess it’s more to do with demographics, then obviously search for bitcoin and other cryptocurrencies.

His words will gladly be read in India, where crypto is having a boom year. Although there are rumors of some in Narendra Modi’s BJP party wanting to ban crypto altogether, the usage is seeing a steep rise.

Growth Market

The enthusiasm in part due to the fact that Indian Prime Minister Modi had earlier this year called blockchain an ‘opportunity in frontier technology’, renewing hopes that the major Asian country is warming to cryptocurrencies.

Coindex (a popular Indian crypto exchange) CEO Mr Sumit Gupta, recently stated that:

As traditional actors are increasingly comfortable with cryptocurrencies, we will see an uptick in cryptocurrency adoption across nations and regions.

Given the size of the Indian population, promising signs.