As indicated by a new report published by Kraken Intelligence, the in-house research team of this one of the leading digital currency exchanges, there are possibilities that Bitcoin (BTC) price could rise to $350,000 by 2044. This is something which will be possible in case millennials invest at least 5% of their inherited wealth into Bitcoin.
The Generational Wealth Transfer
As per the current scenario, baby boomers (Americans who were born between 1946 and 1964) control a staggering 57% of the country’s total wealth. As a matter of fact, millennials and Gen X are anticipated to get their hands on about $50 trillion of wealth in the next two years, which seems to be one of the greatest generational wealth transfers in the history by far.
The notion that a good chunk of this amount might be funneled into BTC isn’t just wishful thinking. As indicated by the multiple surveys, millennials tend to be the highly anticipated crypto-friendly generation. Blockchain Capital discovered that 42% of them would be interested to purchase Bitcoin (BTC) in the following 5 years.
1% Might Make A Difference
The reports published by Kraken Intelligence says that the Bitcoin price might skyrocket to $400,000 since it just incorporates American investors. Yet, it would take just 1% of all the money inherited by the millennials and Gen X to push BTC to $70,000 by 2044, which seems to be the most conservative estimate.
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. 🚀
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— Kraken Exchange (@krakenfx) March 25, 2020
As reported earlier, Changpeng Zhao, Binance CEO, predicted that BTC’s market cap might easily reach to $2 trillion.