A titanic wealth transfer could carry waves of capital into Bitcoin and cryptocurrencies, the billion-dollar digital asset management company Grayscale says.
The firm, which owns the most Bitcoin of any publicly traded company, says a capital transfer is likely to give a massive boost to digital currencies.
â€œApproximately $68.5 trillion in assets are expected to be handed down from Baby Boomers to Gen X and Millennials in the next 25 years, AND multiple studies show these younger generations are much more likely to invest in digital currencies. The math on that one isnâ€™t hard!â€
The figure is based on Cerulli’s report, a worldwide wealth management consulting company, which found that more than $68 trillion will be transferred from 45 million US households to their heirs and charities.
Grayscale’s assessment that younger generations are inclined to invest in digital assets, especially millennials, is based on studies that show that millennials mistrust banks and are far more open to digital assets. A new survey conducted by financial services firm Charles Schwab shows that, above Disney, Netflix, and Microsoft, Grayscale Bitcoin Trust ranks number five in millennials’ top equity holdings.
Millennials also look at cryptocurrencies as long-term assets. Millennials are three times more likely than their predecessors to invest in digital assets, according to a report by Bankrate.