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According to a new report published by Kraken Intelligence, the in-house research team of one of the leading crypto exchanges, the Bitcoin (BTC) price could skyrocket to $350,000 by 2044. This will be possible if millennials invest at least five percent of their inherited wealth into Bitcoin (BTC).
The generational wealth transfer
As of now, baby boomers (Americans who were born between 1946 and 1964) control a whopping 57 percent of the country’s total wealth. However, millennials and Gen X are expected to get their hands on about $50 trln of wealth in the next two years, which appears to be one of the greatest generational wealth transfers in history.
The idea that a good chunk of this money could be funneled into Bitcoin is not just wishful thinking. According to multiple surveys, millennials tend to be the most crypto-friendly generation. Blockchain Capital found out that 42 percent of them would be willing to buy BTC in the following five years.
One percent could make a difference
The report published by Kraken Intelligence states that the BTC price could rocket much higher than $400,000 since it only includes American investors. Still, it would take only one percent of all the money inherited by millennials and Gen X to push Bitcoin to $70,000 by 2044, which appears to be the most conservative estimate.
As reported by U.Today, Binance CEO Changpeng Zhao predicted that Bitcoin’s market cap could easily reach $2 trln.