The huge bullish transfer of $ 68 trillion in wealth for Bitcoin (BTC), says Crypto Influencer

An impending, massive transfer of wealth is one of the main reasons to be bullish on Bitcoin, according to influential cryptographer Nick Chong.

Chong, journalist and marketer of the HTC Exodus Bitcoin division, says that the Millennials will likely channel part of the wealth inherited from their parents and grandparents in BTC, a move that bodes well for the long-term prospects of the main cryptocurrencies.

Cerulli Associates, a wealth management research firm, estimates that approximately 45 million US households will deliver $ 68.4 trillion in wealth to heirs and charities over the next quarter century.

Chong quotes an April 2019 report from venture capital firm Blockchain Capital, which indicated that millennial interest in Bitcoin was on the rise despite the bearish market at the time. Spencer Bogart, a general partner of the company, wrote

“Younger demographics seem more likely to buy Bitcoin: 42% of those between the ages of 18 and 34 said they had” a lot “or” a little “likelihood of buying Bitcoin in the next 5 years, with a 10 percentage point increase from 32% in October 2017. “

Chong also indicated Charles Schwab’s data. A recent report indicates that the fifth preferred investment among millennial customers is the Grayscale Bitcoin Trust.

Adds Chong,

“By expanding further, millennials and zoomers are naturally inclined to the use of digital resources. People spend hundreds of dollars on CSGO weapons, League of Legends skins, etc. Is it a stretch of the imagination to say that they find it easy to understand why and what of Bitcoin? “

The founder and CEO of the cryptographic investment firm Grayscale agrees. In a mid-2019 webinar, Barry Silbert said he believed the new generation was much more interested in investing in Bitcoin than in gold.

“And so, my theory is that whatever [percentage] of those $ 68 trillion is currently in gold, I don’t think it will all remain in gold. It doesn’t mean it will all go into Bitcoin, but I believe it will find its way into other asset classes. “

Check the latest news headlines

Disclaimer: The views expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that transfers and negotiations are at your own risk and that any losses that you may incur are under your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is the Daily Hodl an investment adviser. Note that The Daily Hodl participates in affiliate marketing.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.