Younger investors are interested in bitcoin, while older investors prefer buying gold, according to JPMorgan strategists led by Nikolaos Panigirtzoglou.
Bloomberg reported the news on Wednesday, citing an August 4 note by JPMorgan strategists, who further said that millennials are also preferring tech stocks. In contrast, older investors are selling shares and buying bonds.
“The older cohorts continued to deploy their excess liquidity into bond funds, the buying of which remained strong during both June and July,” the strategists wrote in the note.
Both gold and bitcoin have rallied in recent weeks, a development underpinned by uncertainty around the global economy and a weakening U.S. dollar. However, it is worth noting that there is currently “negligible” correlation between gold and bitcoin, at 0.05, according to tracker CoinMetrics. It means the two assets’ movement is not related to each other.