Gold and silver traders report higher interest in cryptocurrency among younger generation - Greenville Journal

Recently, a woman carried her entire savings of silver into Upstate Gold Exchange at 21 Orchard Park Dr. in Greenville. The woman wanted to sell it all. When owner Tony Shepherd asked her why, the woman answered without hesitation:

"She said, 'I'm putting it all in Bitcoin!'" Shepherd recalled.

Shepherd wasn't sure her move would pay off but what could he say? He owns some cryptocurrency, too. 

"It can be just so lucrative," said Shepherd, who's been running Upstate Gold Exchange with son, Jason, for the last 11 years. "But you don't have something solid, so that's a risk baked-in."

The rise in Bitcoin and other cryptocurrencies — that is, online data functioning as a medium of exchange, often with wide fluctuations in value — has made millions for some and cost millions for others.

But it's gradually become mainstream as a sincere form of currency. Want to buy some food and gas using crypto? You now can do so at all Sheetz locations where Bitcoin, Dogecoin, Litecoin and other forms of cryptocurrency are accepted. Former Clemson Quarterback Trevor Lawrence recently signed an endorsement deal with cryptocurrency portfolio management company Blockfolio, with a signing bonus paid out entirely in cryptocurrency.

Crypto has also found a unique place in the American economic conversation as rising inflation has investors scrambling for alternative ways to store wealth.

During the Great Recession, when the economy was in a free-fall wrought by the collapse of the housing market, the place to store wealth was clear and ubiquitous: gold and silver.

"Back then, you could find a gold store on every corner," Shepherd said. 

Greg Hilliard, who runs Greenville Gold and Silver with father, Daniel, and brother, Michael, has also seen the potential in the world of cryptocurrency, which is why all customers can shop at his store with Bitcoin.

"A few years back, we probably did maybe one Bitcoin transaction a year," Hilliard said. "Recently, we're doing more like one a month. And it's only increasing."

Hilliard said the motivating factors behind investing in gold and silver also play a part in the purchasing of cryptocurrency, though he's noticed a generational split.

"There's a pretty good bit of overlaps between those who want gold and silver and those investing in crypto, but I have definitely noticed the older generation is more interested in gold and silver, while the younger generation is a lot more interested in crypto," he said.

Both Hilliard and Shepherd say they see the benefit of investing in crypto, but as business owners who see customers deal with their economic anxiety through hasty investments, they advise caution.

"Among our customers, we have people who live under bridges and people who live in penthouses," Shepherd said. "But with any investment, it's good to hedge and make sure you're prepared if you fall under hard times."

Hilliard agreed. "There's a lot of potential to make a lot of money in crypto," he said, "but I consider that my risky investment. Everyone needs an emergency fund. For me, that's where gold and silver come in."

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