Bitcoin is the "retirement plan" for millennials, according to an industry CEO.
Bitcoin could become the retirement plan of millennials
The cryptocurrency - which was launched in 2008 as decentralised digital currency free from any bank - has surged in value over recent years and Daniele Izzo, CEO and co-founder at intelligent crypto debit card and wallet Amon Tech, thinks that is "here to stay."
He said: "Cryptocurrencies are here to stay. We see Bitcoin as the retirement plan for millennials and the generations to come. But not just Bitcoin – we believe individuals should diversify their portfolios and invest in many cryptos."
The CEO went on to state that his company believes that in the future cryptocurrencies and "fiat" currencies such as the US dollar will exist alongside each other.
He told UKTN: "“At Amon, we believe in a future where fiat currencies and cryptocurrencies will co-exist. Crypto is already a part of the future of economies. Bitcoin is hailed as one of the best stores of values, with several large institutional players already investing. Only time will tell how crypto and fiat will co-exist, but we firmly believe in a world where this is possible.
The US has printed $13tr since the start of the pandemic, which means that as more of the currency continues to enter circulation, it naturally becomes weaker, whereas the limit for Bitcoin is set firmly at 21 million, leading economists to compare the cryptocurrency to "gold."
A source from JPMorgan investors said back in October 2021 said: "Institutional investors appear to be returning to Bitcoin, perhaps seeing it as a better inflation hedge than gold."