Bitcoin Gains Favor With Modern Day ‘Gold Bugs’ Seeking Financial Security

Bitcoin Gains Favor With Modern Day ‘Gold Bugs’ Seeking Financial Security

Kanishka Sukumar, a 24-year-old consultant in midtown Manhattan, holds about a third of his wealth in bitcoin. He represents a new generation of “gold bugs” who question the stability of paper currency or seek better ways to protect savings, according to The Wall Street Journal.

One in five bitcoin users hold the cryptocurrency since they don’t want the government or banks controlling their money, according to a survey of 3,500 bitcoin users. That was the second biggest reason the survey respondents hold bitcoin. The main reason, according to the survey from data provider CoinDesk, was to own bitcoin as an investment.

Since bitcoin’s price volatility has eased, it has become a more viable store of wealth.

Hedge Fund Manager Likes Bitcoin

Michael Novogartz, a hedge fund manager who owns bitcoin and left Fortress Investment Group LP last fall, calls bitcoin an “I don’t trust people” purchase. He owns only one ounce of gold, which was a gift, compared to a “significant” amount of bitcoin. He said bitcoin will attract people who otherwise would

Read more ... source: TheBitcoinNews

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