“I think what viewers have to appreciate is, this is a millennial story,” Fundstrat’s Lee said Tuesday on CNBC’s “Squawk Box.”
“Millennials have great interest in digital businesses, social media and bitcoin,” Lee said, adding that “the millennial population is not going to peak until 2040.”
An October survey found 27 percent of millennials would prefer to invest in $1,000 of bitcoin versus the same amount of stocks. Harris Poll conducted the online survey of more than 2,000 U.S. adults on behalf of cryptocurrency venture capital firm Blockchain Capital.
However, CNBC also reported in October that Vlad Tenev, co-founder of stock trading app Robinhood, expects stocks to stay in favor.
At the time, about 78 percent of Robinhood’s more than 2 million customers fall into the so-called millennial category, those ages 18 to 35.