Grayscale: Millennials and GenX could pump trillions into Bitcoin
These young investors are likely to prefer digital assets to ‘fuddy-duddy’ gold
GenX and Millennials are buying Bitcoin and other digital assets instead of traditional assets like gold. That trend is expected to continue, according to one Bitcoin bull.
Barry Silbert, chief executive of Grayscale, says that $68 trillion will pass from parents in the coming years to younger generations. Therefore, Silbert says, more capital will pour into digital assets like Bitcoin.
GenX, Millennials are buying bitcoin
Silbert argues that a new crop of inheritors, comprising millennials and GenX, have different views on traditional assets like gold and banks. Because of their age and risk tolerance, these generations typically see those assets as conservative and ‘establishment.’
As a result, he argues these generations will be more attracted to innovative and disruptive digital currencies such as Bitcoin.
Bitcoin consolidating as a premier crypto
According to Silbert, the recent bear market shook a lot of the weaker digital currencies out of the industry. Due to the exodus of weak cryptocurrencies, Bitcoin cemented itself as the top cryptocurrency.
Silbert also said that Bitcoin stands to benefit most from this shift in investment preference from assets like gold to digital assets.
As Silbert notes, a lot of headroom for growth exists. Right now, Gold is an asset class worth $8 trillion today. By comparison, bitcoin is only about $230 billion.
Silbert stands among a number of Bitcoin bulls who expect the price to breakout in 2019 and beyond. Recently, crypto hedge fund Pantera projected that Bitcoin could hit $42,000 by the end of the year.
Grayscale is a digital asset manager that manages the Bitcoin Trust Fund.
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