Could Millennials encourage bitcoin to rise in 2044 thanks to help from baby boomers?

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  • According to a new report, Generation X and millennials are set to inherit just under $70 trillion from the baby boomer generation over the next few years.
  • Looking at the reports, if millennials in America were to invest around 5% of the inherited wealth into bitcoin, they could drive the price of the digital asset up above $350,000 by 2044.

According to a new report, Generation X and millennials are set to inherit just under $70 trillion from the baby boomer generation over the next few years.

As many people all across the United States are currently self-isolating away from the coronavirus, the in-house research team at Kraken intelligence have released a report titled  “Inheriting USDs & Acquiring BTCs: How ‘The Great Wealth Transfer’ Will Fuel ‘The Great Bitcoin Adoption.’”

Looking at the reports, if millennials in America were to invest around 5% of the inherited wealth into bitcoin, they could drive the price of the digital asset up above $350,000 by 2044. This would give the generation of millennials almost $70 trillion of value from a $971 billion investment.

With the leading currency in the world of crypto gaining significant popularity over the years, there are many people that have shunned it. Many of these people include the older generations including the legendary investor Warren Buffett who has been one of the many names to turn their nose up at bitcoin.

The aforementioned report looks into data on such a divide in terms of generations. In expanding on the cultural profile of generation X and Millennials, we can see that there is a significant change in how the two were brought up. This has impacted their view on bitcoin and emerging technologies such as cryptocurrency and blockchain.

“…older generations possessed a less favorable view of bitcoin than Millennials and Gen Xers…. 81% of US adults were familiar with at least one type of cryptocurrency, bitcoin being the most popular at 75%, approximately 55% of Millennials and 41% of Generation X familiar with at least one cryptocurrency voiced their belief that cryptocurrencies will become ‘very’ or ‘somewhat’ widely accepted for legal transactions before 2030.”

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