The researches show there are over 600,000 millennial millionaires in the United States currently. Furthermore, the millionaires of today might become even richer as they are on track to inherit even more wealth.
The research team at Kraken crypto exchange released a study called “Inheriting USDs & Acquiring BTCs: How “The Great Wealth Transfer” Will Fuel “The Great Bitcoin Adoption”, where they published predictions of what changes future might bring to the price of Bitcoin.
According to the study, it’s estimated that Baby Boomers, the richest generation in history, will pass nearly $70 trillion USD within the next few decades to their inheritors, Millenials (ages 24-39) and Generation X (ages 40 to 55).
The researchers calculated, that Millennials and Generation X could drive nearly $1T or more of wealth into Bitcoin over the next 25 years as both generations embrace the emerging technology and asset class.
The study assumes that if Millenials of the United States invest 5% of the inherited wealth into the Bitcoin, their investments into the world’s leading digital currency could reach $971 billion USD, including 2% taxes. To the same amount of investment, the implied price of Bitcoin in 2044 would be about $350,000.
The Kraken survey says, that the calculations are notable as younger generations are much more open for cryptocurrencies and buying Bitcoin. According to the survey, nearly half of the respondents, whose age is from 18 to 34 years, said it is likely that they will purchase Bitcoin in the upcoming five years. Meanwhile, only 8% of those aged 65 will be willing to buy virtual coins.
Furthermore, Millenials already are active and even heavy investors in digital assets. Following the data published in Kraken’s report, Grayscale’s Bitcoin Trust is in the 5th place among the top holdings of the Millenials with only Amazon, Apple, Tesla and Facebook being ranked higher.
Following the fact that Millenials prefer technologies, transparency, mobility and they also distrust banks, their impact on the whole crypto industry could be big.
If only one percent of money inherited by American Millenials and Generation X would be invested in Bitcoin, the price of it presumably could grow to $70,000 in 2044.