Ruchir Sharma at Morgan Stanley claims that millennials prefer crypto to gold

Ruchir Sharma of Morgan Stanley claims that Millennials prefer Bitcoin to gold, and recommends adding these two assets to your portfolio because of money printing

A generation interested in Bitcoin

Ruchir Sharma, chief global strategist at Morgan Stanley, said Millennials prefer Bitcoin rather than gold:

“Overall, I think it speaks to a long-standing sense of what Central banks are doing in terms of printing so much money, and what it will lead to. Therefore, there is a search for alternative assets. So I think these assets will continue working.”

The strategist also explains that gold works particularly well when inflation-adjusted interest rates are negative. The “despicable metal” jumped to a new all-time high of $ 2,058 in early August, but has since dropped to $ 1,937.

According to the expert, Central banks will be “much” behind the curve if inflation hits back.

“Prominent Indian investors recommend allocating up to five percent of your portfolio to gold or, alternatively, to BTC and other cryptocurrencies for those who are more “adventurous”.

BTC is still up 64 percent since the start of the year, despite a significant decline over the past week. The crypto asset continues to make significant strides with adoption on wall street, two years after Morgan Stanley identified it as an institutional asset class.