According to a new report published by Kraken Intelligence, the in-house research team of one of the leading crypto exchanges, the Bitcoin (BTC) price could skyrocket to $350,000 by 2044. This will be possible if millennials invest at least five percent of their inherited wealth into Bitcoin (BTC).
3/ Here’s a projection showing the estimated flow of assets as the Baby Boom generation declines and transfers its wealth to Gen X and Millennials.
Almost 70% of the total $70 trillion transfer will occur in the next 10 years.
4/ Relative to marginal supply, the implied price of #Bitcoin in 2044 would be about $350,000 (assuming the $971 billion investment).
The chart below shows the price of bitcoin if this figure is higher or lower.
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The generational wealth transfer
As of now, baby boomers (Americans who were born between 1946 and 1964) control a whopping 57 percent of the country’s total wealth. However, millennials and Gen X are expected to get their hands on about $50 trln of wealth in the next two years, which appears to be one of the greatest generational wealth transfers in history.
The idea that a good chunk of this money could be funneled into Bitcoin is not just wishful thinking. According to multiple surveys, millennials tend to be the most crypto-friendly generation. Blockchain Capital found out that 42 percent of them would be willing to buy BTC in the following five years.
One percent could make a difference
The report published by Kraken Intelligence states that the BTC price could rocket much higher than $400,000 since it only includes American investors. Still, it would take only one percent of all the money inherited by millennials and Gen X to push Bitcoin to $70,000 by 2044, which appears to be the most conservative estimate.
8/ Millennials (1981-1996) may be even more likely to invest some of this money into $BTC.
As a generation, they prefer:Transparency and mobility
Tech products
Crowd-sourced information
& distrust banks
9/ The impacts could be big, even if our projections are wrong.
If just 1% of the money inherited by Gen X and millennials is invested in BTC, the price of could grow to $70,000 in 2044.
And again, we’re only talking about the U.S.
READ MORE: blog.kraken.com/wp-content/upl…
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As reported by U.Today, Binance CEO Changpeng Zhao predicted that Bitcoin’s market cap could easily reach $2 trln.
