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Macro guru Raoul Pal is saying that millennial investors are opting to invest in Bitcoin (BTC) instead of traditional assets like gold.

In a new interview with Parallax Digital CEO Robert Breedlove, Pal says that the traditional answer to currency debasement was gold, but that is no longer the case with a new generation of investors.

The traditional answer was gold. It hasnt done great. Its done okay. Its done its job, but the problem is, the millennials cant generate wealth if gold defends your wealth [theres] nothing to defend. So, it becomes incredibly difficult to generate wealth. Bitcoin comes along and changes the equation.

The Real Vision CEO says that investors will gradually see the value of crypto and migrate to this new asset class.

It takes a long time for people to see it. This adoption takes a while, but people realize here is a technological construct that has ubiquitous global scarcity and, therefore, if we all perceive it to have value, then it shall be so. So, the migration begins and I think of it as a migration to this parallel financial system thats being built in front of your eyes.

He adds that the same thing happens with decentralized finance (DeFi) many do not yet fully understand the concept, but the space is bound to grow.

The rise of DeFi was the other huge thing that happened. People havent got their heads around what this means yet, but it is gigantic because, basically, people dont trust financial intermediaries any longer.

Pal clarifies, though, that peoples mistrust of financial intermediaries is not these institutions fault.

They want to blame somebody, so [they] blame the banks. It wasnt the banks fault. They just did the rational thing.

The result of the CNBC Millionaire Survey released in June shows that nearly half of millennials with at least $1 million in investable assets allocate at least a quarter of their wealth in crypto. In contrast, only 10% of older millionaires have more than a tenth of their wealth in digital assets.

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Macro Guru Raoul Pal Says Millennials Migrating to Bitcoin From Gold and Traditional Finance Heres Why - The Daily Hodl