Boomers and silent generation will hand down nearly $68.4 trillion worth of wealth to Millennials and Generation X over the next 25 years, according to a report by CoinShares.
The digital asset manager stated that the most popular cryptocurrency will benefit from this massive transfer of wealth. It added that Millennials’ investments look quite different from those of their forefathers.
CoinShares based its report on Blockchain Capital’s survey that indicates that a large number of respondents are interested in Bitcoin more than government bonds, stocks, gold and real estate.
Grayscale, an institutional asset manager, referred to a massive wealth transfer to Bitcoin. “There’s no doubt the leading cryptocurrency is resonating with a millennial audience,” said Managing director Michael Sonnenshein.
However, the company said it cannot tell how much funds would be transferred into Bitcoin.
According to a report by Charles Schwab, Millennials prefer investment in Grayscale Bitcoin Trust (GBTC) more than Microsoft and Netflix.
The majority of Millennials are wary of the stock market so they may invest their inherited assets elsewhere.
“Millennials are very community-oriented so there could be an increased amount donated to charities as a result of the wealth transfer,” said Mary Ellen Hancock, vice president and senior wealth strategist at PNC Wealth Management.
However, this shift in wealth may profoundly affect the economy. Millennials, unlike their forefathers, have different economic outlook and experiences that shaped out their way of investment.