More popular than Netflix and Disney? Millennials rely on Bitcoin

Baby boomers as well as the generations X and Y do not only differ in their musical and political preferences. According to the latest reports, their interests in asset management also go in different directions. The Generation Y, also known as Millennials, are increasingly discovering Bitcoin-based investment and gambling products, as you can read at luckycoiner.

Bitcoin-based investment and gambling products are becoming increasingly popular with Millennials. This is at least what a report by US brokerage giant Charles Schwab on December 4 wants. According to this report, Millennials held more assets in the form of shares in the Grayscale Bitcoin Trust (GBTC) than shares in Netflix or Walt Disney in the third quarter of 2019.

Charles Schwab is considered the largest brokerage firm in the United States. The company thus manages a total of 3.2 trillion US dollars in assets. For the quarterly report, Schwab analyzed the data of 142,000 participants in the company’s pension plan. They held between $5,000 and $10 million in their pension accounts with the brokerage firm. Schwab himself continues to describe the report as “an industry-leading benchmark for the investment activity of pension plan participants.

Grayscale Bitcoin Trust ranked 5th at Millennials

According to the report, Millennials have a proud 1.84 percent of their equity holdings as shares in the Grayscale Bitcoin Trust. The Crypto Fund is the fifth most popular investment among the 25-39 age generation. Only the shares of the tech giants Apple, Amazon, Tesla and Facebook enjoy greater popularity. Disney and Netflix, on the other hand, left Grayscale behind, with the two companies accounting for only 1.68 and 1.58 percent respectively. By the way, the high ranking of the Bitcoin-based trust does not apply to the older vintages, which continue to adhere to traditional investment opportunities.

The Grayscale Bitcoin Trust itself was established in 2013 and two years later received permission to trade shares in public markets. It is widely regarded as the largest and most successful crypto and Bitcoin fund in the world. Grayscale Investments, the company behind the fund, is currently working on other investment products.

Grayscale to launch more crypto funds soon

In October, Grayscale Investments received approval from the Financial Industry Regulatory Authority (FINRA) for another crypto fund. This Grayscale Digital Large Cap Fund can be considered the first diversified and publicly approved crypto fund in the US. The composition of the fund is thus geared to the market capitalisation of the top crypto currencies. In addition to Bitcoin, it therefore also includes shares in Ethereum and XRP.

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