Bitcoin = Millennials' gold?

Famed Wall Street strategist Thomas Lee said recently that Bitcoin is essentially "digital gold" to millennials, just like "gold" to their grandparents and ancestors.

While gold has always been my preferred analogy to the bitcoin phenomenon, I'd be hard pressed to think such a "digital gold" would last for millennials.

Like all generations of youngsters, the preferences change very fast. Remember Facebook started in college campuses and now no young people use it. Snapchat might face the same fate in 5 years. Even the boom in vodka only lasts a mere decade. Now alcohol consumption among the party animals on college campuses is dominated by tequilla.

Gold on the other hand has thousands of years of fascinating history with human beings, despite a very low intrinsic value. I've never been a gold bug but I do believe other living human beings will have unfounded faith in gold much longer than the millennials have in the so-called "digital gold".

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