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The next few years will be the most important time in Bitcoin’s history. We are years away from the date when the lower supply is expected to drive the price of a Bitcoin to $1 Million and beyond.
Bitcoin sunk to a new low today as its cryptocurrency market cap continued to decline over the last week. Bitcoin fell to below $3,000 as Coinmarketcap.com reported its lowest value since November 12, 2018.. Read more about next bitcoin stock and let us know what you think.
The fierce rivalry between boomers and millennials might soon end up benefiting Bitcoin. A report from CoinShares, a digital asset management firm, suggests that an enormous transfer of wealth is about to hit Bitcoin. According to them, around $68.4 trillion in wealth is currently owned by boomers, which will be handed down to Millennials and Gen X over the course of the next 25 years. A trillion-dollar tsunami is about to hit Bitcoin, and it’s due to the difference in millennials’ spending and investment patterns – which are shockingly different from their parents.
What exactly is Bitcoin, and how can you get started investing in it?
Let’s start with the fundamentals. Bitcoin is a digital asset and a cryptocurrency, as well as a blockchain. It was created in 2008 by the mysterious Satoshi Nakamoto (that’s a pseudonym, in case you were wondering), who wanted to create a new kind of transaction that was resistant to global financial system failures. Bitcoin is decentralized, meaning it works independently of central banks and governments and is peer-to-peer in nature.
It’s entirely up to you how you want to invest in Bitcoin. It is available for buy on exchanges and for trading on social trading sites such as eToro. You may buy as little as 1 Satoshi, or 0.00000001 Bitcoins, in theory. However, many exchanges impose a minimum amount (typically about $2) since this is such a little quantity. Bitcoin has a market capitalization of $144,345,355,789.
Bitcoin is very popular among millennials.
According to CoinShare’s study, Blockchain Capital’s research indicates that millennials would prefer invest in Bitcoin than in more conventional assets. Bitcoin is preferred by millennials above government bonds, equities, gold, and real estate, which makes sense given that they grew up in an increasingly digitalized environment. Governments and conventional financial institutions are likewise viewed with suspicion by millennials.
Grayscale, an institutional asset manager, sees a significant change in wealth distribution as a possible advantage for Bitcoin. Although Grayscale claims that it is impossible to predict how much money will flow into Bitcoin, managing director Michael Sonnenshein thinks that it is undeniably connecting with millennials all over the globe today.
According to a second survey by Charles Schwab, millennials prefer the Grayscale Bitcoin Trust (GBTC) over Netflix, Disney, and Microsoft stock. Yes, millennials have a negative attitude toward conventional institutions, but why?
Look to the @sweetgreen co-founders for a deeper understanding of #Millennial values:
-geographical closeness is important
-continually challenge the existing quo
-aligning one’s job with one’s own beliefs
-If you want to move quickly, take it easy.
-Efficiency/ease in the face of complexity
-There isn’t a single founder who has a vehicle https://t.co/W7Flp8WOn9
January 5, 2020 — Ryan Peisel (@rjpeisel)
It’s simple to see why, given that millennials grew up in a time of recession and unending political and climatic uncertainty. They’ve been let down by the government and other major institutions, so they’re doing it alone.
It is not a terrible thing to have a healthy mistrust of centralized authorities. When it comes to investing, skepticism may be very beneficial. This skepticism is one of the reasons why millennials were interested in Bitcoin in the first place. Bitcoin and other digital assets are a viable alternative to conventional assets, and they are well suited to the digital lifestyles of millennials and, in the near future, Generation Z.
(Image courtesy of CoinShares)
A trillion-dollar tsunami is going to strike Bitcoin, and it’s all because governments and banks have failed us for so long. Satoshi Nakamoto was well aware of this, which is why he created Bitcoin in the first place. It has, however, developed into something much more powerful.
The generational divide
The way millennials and baby boomers spend their money is very different. For one thing, baby boomers are wary of cryptoassets like Bitcoin, while millennials are wary of centralized institutions like banks. This demonstrates how they invest and spend their money. Over the next 25 years, millennials will inherit a staggering $68.4 trillion from their parents (and grandparents). That’s a significant sum of money that may wind up in the crypto-asset sector, but no one knows for sure. One thing is certain: Bitcoin is poised to be struck by a trillion-dollar tsunami, which will be beneficial to the whole digital asset sector.
. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology. Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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This article broadly covered the following related topics:
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- a trillion dollar tsunami is about to hit bitcoin today