Calm Before The Storm For Bitcoin (BTC)

12m
cryptodaily

Binance Responds to Claims it Stole $1 Million Worth of User Funds

16m
zycrypto

Bitcoin (BTC) Price Predicted to Hit $20,000 in 2020 by BitMEX CEO Arthur Hayes

22m
utoday

If Bitcoin Works in Zimbabwe, It Works Everywhere- CoinDesk

22m
cryptonewmedia

PNXBet Launches Live eSports Category Amid Struggles in the Betting Industry

27m
nulltx

Ripple Rebounds, Faces $0.20500 Resistance

31m
coinidol

Bitcoin Price Ignores $2.3T Fed Cash as Pundit Warns of ‘Sucker Rally’

36m
cointelegraph

Bybit Hosts Tether Airdrop to Celebrate the Launch of USDT Perpetual Contracts

40m
cryptodaily

Global Stablecoins Could ‘Pose Systemic Risks’ to EU

40m
bitcoinist

Cryptoassets Continue to Buck the Trend, Says eToro Analyst

1h
cryptoglobe

Ethereum Fraud Case: 4000 ETH Recovered By Korean Authorities With the Help of Binance; Know Here!

1h
coingape

Why BitMEX CEO Doubled Down

1h
cryptonewmedia

Economic Recovery Hinges on Coronavirus Antibody Tests: That’s a Big Problem

1h
cryptonewmedia

Bitcoin Cash (BCH) Network Speed Tanks, Cost of 51% Attack Drops to Dangerous Level

1h
utoday

$24 Trillion US Debt: Could This Be Pushing The Bitcoin Price To Astronomical Heights?

1h
zycrypto

The Hash rate takes a hit following BCH halving

1h
cryptodaily

Swiss Bitcoin Fintech Association Announces Tokenized Bitcoin on Tezos Blockchain

1h
bitcoinnews

French Financial Regulator Responds to EU’s Crypto Consultation

1h
cryptonewmedia

Ethereum Surges Ahead, Battles $175 Resistance

1h
coinidol

BTC to INR: P2P Bitcoin Marketplaces Growing in India

1h
cryptonewmedia

Bitcoin Scammers Collect BTC Donations Sent to COVID-19 Victims. Read Warning from Action Fraud

1h
utoday

Texas Regulators Clamp Down on Bitcoin ‘Ultra Mining’ Firm

2h
bitcoinist

Sony and Other Major Multinationals File 212 Blockchain Patents in China in 2020

2h
cointelegraph

XRP Price Targets $0.24+ as XRP Liquidity Index Hits New ATH of 23.8 Mln

2h
utoday

Bitcoin Cash (BCH) Undergoes Halving; Here’s All You Need to Know

2h
cryptonewmedia


Kraken Predicts Wealth Transfer will Cause BTC Rise to $350K by 2045

Millennials and Generation Xers in the United States currently practicing sheltering in place and social distancing may find some solace that — in addition to saving lives — they may stand to inherit almost $70 trillion from Baby Boomers in the years to come.

Kraken Intelligence, the in-house research team at the crypto exchange of the same name, released a new report entitled “Inheriting USDs & Acquiring BTCs: How ‘The Great Wealth Transfer’ Will Fuel ‘The Great Bitcoin Adoption.’”

According to the report, if American Millennials were to invest at least five percent of their inherited wealth into Bitcoin (BTC), they could drive the price up to $350,000 in 2044. This would effectively give the generational group almost $70 trillion of value from a $971 billion investment.

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. pic.twitter.com/zXpZf17NBB

As Bitcoin has gained popularity, those in older generations with an affinity for traditional assets — including Warren Buffett — have often been unwilling to embrace cryptocurrency.

The Kraken report looks at data on this divide, expanding on cultural profiles of Generation Xers and Millennials and how their upbringing has affected their view of BTC and the crypto market in general.

“...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.”

With many older Americans on the verge of retirement, the report suggests those in younger generations who are not only more familiar with but more accepting of Bitcoin will have more options investing in the future.

“...a disproportionate percentage of the Millennials and Gen X will continue to be the driving force of adoption [of cryptocurrency] for the foreseeable future. While this can be explained in part by the fact that both generations harness a greater technological competence than their elders, we should also consider that bitcoin’s current volatility is unsuitable for individuals nearing or in retirement.”

Baby Boomers in the United States currently control approximately 57% of the total wealth, $50 trillion of which will pass to Millennials and Gen Xers in the next two years. This redistribution is referred to as the “Great Wealth Transfer”.

If younger people were to use just 1% of this wealth to then invest in BTC, the price could rise to $70,000 — if not more — in 2044. This is based only on investors in the U.S., meaning the actual numbers could easily be higher.

Being one of the most crypto-friendly generations certainly has its perks.

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments