Grayscale Bitcoin Trust (GBTC) ranks fourth highest in percentage of assets stored in equities across the millennial generation according to a research by Charles Schwab. This surpasses traditional heavyweights in the stock world including Disney, Berkshire Hathaway, Alibaba and Netflix and Microsoft across the generation.
GBTC ranks in the top 10 stocks held by millennials
According to a report by Charles Schwab, a bank and stock brokerage firm, Grayscale Bitcoin Trust (GBTC) ranked amongst the top ten equity holdings as a percentage of assets held in equities across the millennial generation. Holding out 1.83% of the total assets in equities, GBTC ranked higher than traditional well-performing stocks such as Berkshire Hathaway (1.73%), Walt Disney Co. (1.68%), Netflix (1.58%), Microsoft Corp. (1.53%) and Alibaba Group Holdings (1.39%).
Grayscale’s campaign to onboard new customers using their stock that tracks Bitcoin price (but “with less fees and expenses”) has been mainly targeted at the younger generation. The “Drop Gold” campaign for digital gold has been a key advertisement for Grayscale in their rise to the top.
Grayscale Bitcoin Trust on the Rise Despite 60% Drop in BTC
GBTC beating the top stocks on Wall Street is by no means a small feat, more so given that the price of BTC has fallen over 60% since hitting all-time highs in 2017.
That’s what makes it all the more fascinating.
— Wall St. Dropout (@WallSt_Dropout) December 5, 2019
Notwithstanding, GBTC holdings have steadily grown through 2019, currently standing at $1.5 billion, signaling an increase in demand for the pioneer cryptocurrency. The total cryptocurrency holdings stand at $2.2 billion according to the Q3 report released in October.
The surging interest in GBTC shares during a bearish run in BTC/USD price signals a bullish stance for cryptocurrencies and BTC, which trades at $7,434 USD, as at time of writing.
Cryptocurrencies, a Darling Asset to Millennials
In September, Coingape reported on the increasing number of millennials taking up cryptocurrency as an investment option. A research by U.K based firm, Michelmores, revealed over 20% of U.K millennials own a small amount of cryptocurrency as an investment asset. Furthermore, in a survey of 500 wealthy millennials, over 43% owned over £25,000 in crypto.
In November, an American study made a similar case in BTC’s popularity across millennials as 43% of the generation aged 22 years to 37 years trust in cryptocurrency exchanges. The boost in millennial participation signals a possible boom in investment in the crypto industry in the near future if the interest from millennials increases.
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