Millennials and Generation Xers in the U.S. may inherit nearly $70 trillion from Baby Boomers in the years to come, Cointelegraph website reported.
If Millennials in the US were to spend nearly 5 percent of their inherited funds in Bitcoin (BTC), they would push the price up to $350,000 in 2044, according to a recent study by Kraken Intelligence.
This would provide the generational group almost $70 trillion from a $971 billion investment.
Although Bitcoin has gained popularity, older generations –like Warren Buffett– are unwilling to invest in cryptocurrencies.
“…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,” the study showed.
While several old people in the US are on the brink of retirement, younger generations who are not more familiar but accepting Bitcoin will have more investment options.
“…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.”
Tim Draper advises Millennials to buy BTC
In an interview with FOX Business, Tim Draper, a renowned billionaire, advised Millennials to buy Bitcoin.
Draper sees that Bitcoin is of particular importance to Millennials looking to keep ample money for retirement, claiming that the conventional banking system is outdated:
“You look at Bitcoin and you say ‘Hey, this is great because it’s not my father’s Oldsmobile. Our banking system is the Oldsmobile, is the old Oldsmobile.”