By CCN: The US investing business stands on the precipice of a dramatic upheaval that would see bitcoin and different cryptocurrency belongings substitute gold in investor portfolios.That’s in accordance with Nate Geraci, president of the ETF Retailer, an unbiased funding advisor. He revealed in a Bloomberg TV interview that his millennial shoppers are clamoring to carry bitcoin of their portfolios – if solely the SEC would allow them to.Crypto in a Landslide: ETF Knowledgeable Says Millennials Plan to Kick Gold to the Curb Responding to a query from Bloomberg analyst Eric Balchunas about whether or not he would ever make investments consumer funds in a bitcoin ETF, Geraci shocked his fellow panel members when he mentioned that millennial traders overwhelmingly need to carry bitcoin as an alternative of conventional hedge belongings like gold.How overwhelming? Ninety p.c.“After we speak to our youthful shoppers – we’ve a core gold allocation in our portfolios, they usually’ll ask about that and say, ‘What about crypto?’ And when you speak to, primarily millennials, and ask them which they like, bitcoin or gold, it’s a landslide. It’s not even shut, it’s like 90% want bitcoin.”Geraci’s daring declare was extra anecdotal than scientific, however there’s loads of exhausting knowledge that demonstrates that youthful traders are vastly extra snug with holding cryptocurrency of their portfolios than traders who grew up within the pre-digital period.In April, a Harris Ballot survey discovered that 18 to 34-year-olds are “very” or “considerably” prone to buy bitcoin throughout the subsequent 5 years. That may not appear overwhelming, however contemplate that solely 37% of People in that demographic at the moment personal shares.Equally, a February eToro survey discovered that 43% of millennials belief crypto exchanges greater than inventory exchanges, although crypto buying and selling platform hacks dominate the mainstream information cycle.ETF Would Scale back Crypto Investing RisksETF Retailer President Nate Geraci mentioned that there’s rabid demand for a bitcoin ETF, particularly amongst millennials. | Supply: ShutterstockNate Geraci additional pointed to the success of the $1.5 billion Bitcoin Funding Belief (OTC: GBTC) as proof that there’s adequate market demand for a crypto ETF.He famous that the over-the-counter product frequently trades at a staggering premium to the underlying worth of its BTC belongings. That’s as a result of GBTC shares fluctuate primarily based on provide and demand, not simply the worth of bitcoin. An ETF, he mentioned, would flatten that premium and thus cut back investor danger.“It appears a bit incongruent to me that we’ve that product on the market buying and selling, the place traders actually might get damage in the event that they don’t perceive that premium, however we don’t have a bitcoin ETF.”“The demand is there,” he concluded.SEC Kicks the Bitcoin ETF Can Down the RoadBitcoin ETF Not ‘Imminent’ However May Upend Crypto Market in 2019: Knowledgeable https://t.co/coQjScIqH1— CCN.com (@CCNMarkets) Could 21, 2019Sadly for crypto bulls, millennials aren’t those manipulating the levers of the Securities and Change Fee (SEC), which holds unilateral authority to approve or deny bitcoin ETF purposes.The SEC, as CCN reported, continues to punt on the difficulty. Final week, the regulatory company prolonged its lengthy pattern of delaying ruling on cryptocurrency merchandise when it postponed its determination on the VanEck/SolidX Bitcoin ETF to August 19. Most business insiders count on the SEC to delay the VanEck/SolidX product once more, pushing its closing ruling till October 18.Dave Nadig, the managing director of ETF.com, mentioned that he believes the SEC remains to be in “info gathering mode” however that there’s a “affordable probability” regulators approve the primary bitcoin ETF earlier than the tip of 2019.