Former Australian Senator Shows Interest in Bitcoin, Cites Growing Millennial Adoption

Bitcoin acceptance comes in different forms. Enthusiasts of the asset have clamored for mainstream acceptance for years and have been happy to welcome any notable individual into the fold. In what could be the asset’s latest endorsement, Cory Bernardi, a controversial Australian politician, has spoken fondly of it.

Another Politician Endorses BTC

Earlier this month, Bernardi, a Senator from 2006 to 2020, confirmed that he had become more enamored with Bitcoin over the past few years.

The former Senator has become famous for his firebrand conservative values, with the Sydney Morning Herald dubbing him the “Aussie Donald Trump.”

In the wake of the 2020 elections, Bernardi had published an article on his website where he spoke on mortgage rates. Replying to a Twitter user who recommended Bitcoin as a fix for a possible mortgage crisis in the country, the former Senator said:

“Become convert to Bitcoin in last couple of years. My conclusion is it Is the millennial’s version of gold. Still see risks attached but are basically the same as other asset classes – leg, confidence and demand. See demand getting stronger. @APompliano is on the ball re BTC.”

Bernardi’s comments echo the sentiments of many financial experts who believe that millennials will be the generation to bring crypto to the forefront. Earlier this week, Rick Reider, the Chief Investment Officer of fixed income for asset management giant BlackRock, told CNDC that millennial attraction would be Bitcoin’s key factor going forward – especially compared to traditional gold.

Millennials Driving Bitcoin Growth 

Reider is one of the top executives at BlackRock – one of the world’s largest investment management firms, with over $7 trillion in assets under management. As he explained to the news source, millennials’ openness to the leading cryptocurrency means that it will remain a prominent part of their financial lives. Ultimately, it means that Bitcoin will be here to stay.

The investment expert added that Bitcoin could grow past gold in market cap in the next few years.

Reider added that Bitcoin is also more durable for trades than gold. With central banks adopting digital assets and the growth in digital payments, Bitcoin could be on its way to eclipsing gold’s $2.6 trillion market cap.

Asides from Reider, investment bank JPMorgan also shared similar views.

Last month, Business Insider reported that the firm’s Global Markets Strategy report highlighted Bitcoin’s growing potential to become the world’s reserve alternative asset.

JPMorgan’s report focused on three fronts. Most prominent was Bitcoin’s attraction to millennials, which has been bolstered by acceptance by tech firms like Square and PayPal. The company also noted growing institutional investment. With the leading cryptocurrency on its way to beating its all-time high, these trends should continue. Over time, all signs point to growth for Bitcoin.