Bitpanda CEO says young people see Bitcoin as the gold of their generation

 13. November 2020      

Eric Demuth, CEO and Co-Founder of Bitpanda said that now, the younger generation sees Bitcoin as gold

The price of Bitcoin has already exceeded USD 15,000. In this context, Eric Demuth, CEO and Co-Founder of Bitpanda said that now, the younger generation, sees Bitcoin System as if it were gold. He mentioned this in an opinion he shared with Cointelegraph en Español.

„The biggest driver of the current price increase is mainly institutional money. In addition, we are seeing a large number of daily registrations from retail clients joining the crypto market for the first time,“ he said.

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„This trend already began weeks before the elections in the United States. What we are currently experiencing is a change in mentality in which the younger generation sees Bitcoin as the gold of their generation,“ he added later.
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On the other hand, Alejandro Zala, Country Manager at Bitpanda in Spain, pointed out: „It is a thing of the past those days where cryptomonies were considered an asset for small niche groups“.

„Since they were born, there has always been a debate about how and when crypto currencies will stop being a niche asset. Since their inception, some users have relied on being able to use Bitcoin and other altcoins for their day-to-day expenses. However, there’s another trend that sees Bitcoin as a refuge value similar to gold, and believes that crypto currencies will never end up replacing Fiat money. In my opinion, both of them are somewhat right, we have reached a moment in which everyone has begun to be interested in cryptomonies in one way or another, and this is a radical change for the world of assets and the beginning of a new stage,“ he said.

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For Zala, the company has realized that crypto-currencies are not only for a group of experts: „After what we experienced in 2017, when Bitcoin experienced one of its most volatile moments, crypto-currency has become relatively stable and has managed to overcome some of the doubts of traditional investors. In addition, the latest news, such as the appearance of decentralized financial tokens, is encouraging the adoption and interest of conservative investors – often from groups that, until now, had not had access to cryptomoney or had refrained from doing so because investment was too slow, uncomfortable and inefficient,“ he said.