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.
Bitcoin’s most bullish statistic: Millennials will inherit $ 68 trillion from baby boomers.
The confluence of mistrust in institutions, the devaluation of fiat, the transition from gold to BTC and the growth of digital technology will make Bitcoin investment a breeze.
– Nick Chong (@_Nick_Chong) February 26, 2020
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.
“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. “