Charles Schwab survey examines self-directed portfolios in 2019.

Millennial investors trust Bitcoin more than Berkshire Hathaway, according to a new report from Charles Schwab. The investment bank examined self-directed portfolios of millennial investors. It found that the majority of younger investors had more exposure to the world’s largest cryptocurrency than it did to Warren Buffett’s conglomerate.

Millennial Investors Heavy on Grayscale

The Schwab study said that investors had a lot of exposure to Grayscale (GBTC), a publicly listed fund that holds Bitcoin. It trades over-the-counter. GBTC has rallied more than 100% in 2019. Berkshire Hathaway has returned about 11% this year.

Greyscale has been hyper bullish on millennial participation with Bitcoin.

Barry Silbert, chief executive of Grayscale, said earlier this year that $68 trillion will pass from parents in the coming years to younger generations. Therefore, Silbert argued, more capital will pour into digital assets like Bitcoin.

Schwab’s new report added further validated millennial risk-tolerance around Bitcoin compared to the stock market. Blockchain Capital reported in April that investors 18 to 34 were more interested in Bitcoin over traditional investments like stocks, government bonds, and even gold.

The report comes the same week that the Financial Times brought up Buffett’s concerns about ESG investing. The Sage of Omaha has worried that it’s hard to know which companies know best. He argues that public companies should not be moral arbiters for society.

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