The future of bitcoin remains a topic of hot debate, but young people are significantly more likely to trust the cryptocurrency than their older counterparts.
That's according to a new survey from Bankrate, which found that 5 percent of millennials (defined, in this case, as those aged 18 to 37) say bitcoin is the best place to put money they won't need for 10 years or more. Only 1.2 percent of Gen X-ers (ages 38 to 53) favor it for long-term saving, and less than 1 percent of boomers (ages 54 to 72) do.
Relying on cryptocurrency as your long-term investment vehicle could be a costly mistake. Bitcoin has had a rough year: After surging to $20,000 a coin at the end of 2017, it fell to less than $6,000 by June of 2018. Some experts, including CEOs and Wall Street heavyweights, say the digital currency has run its course.
Berkshire Hathaway's Charlie Munger has called bitcoin "worthless, artificial gold," adding that it's "not something I think the world needs."
"The fact that it's clever computer science doesn't mean it should be widely used, and that respectable people should encourage other people to speculate on it," Munger told CNBC's "Squawk Box." "Bitcoin reminds me of Oscar Wilde's definition of fox hunting: 'The pursuit of the uneatable by the unspeakable.'"