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Wharton professor Jeremy Siegel says bitcoin has replaced gold as an inflation hedge for millennials
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Wharton professor Jeremy Siegel believes one asset has stood out as an inflation hedge for many younger folks in the past months: bitcoin.
«Let's face the fact, I think bitcoin as an inflation hedge in the minds of many of the younger investors has replaced gold,» he told CNBC last Friday. «Digital coins are the new gold for the millennials.»
Determining the best inflation hedge has been a point of contention among investors, especially as the price of goods and services continues to soar. Bitcoin and gold, in particular, have been pitted against each other. Bitcoin's supply limit of 21 million coins, with 18.9 million already in existence, has made it attractive as a hedge.
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