Bitcoin Bullish Prediction: This Move Could Benefit BTC
The crypto market looks great today with most coins trading in the green. At the moment of writing this article, BTC is also trading in the green and the coin is priced at $11,294.52.
There have been various optimistic predictions made about the price of BTC especially after the king coin was able to surpass the important level of $10k and then it also smashed through $11k.
Massive wealth transfer could benefit the price of BTC
Now, it’s been revealed that Fidelity Digital Assets, the crypto custody arm of financial giant Fidelity Investments, said that a massive wealth transfer on the horizon might benefit Bitcoin.
In their brand new report about Bitcoin’s massive potential to become a strong store of value just like gold, Fidelity addressed the huge amount of money that is expected to flow from baby boomers to millennials by 2030.
The online publication the Daily Hodl mentions that a study dating back to 2019 from Coldwell Banker reveals that approximately $68 trillion will be handed down to millennials in a move that will be one of the greatest wealth transfers in US history.
The traditional financial system, outdated
It’s also important to mention the fact that Millenials’ views on finance have been shaped by the 2008 crisis and they have a different view on the traditional financial system compared to the one of their parents.
“The millennial demographic (those born between 1981 to 1996) is more open to novel, digitally native alternatives versus legacy products and services and more comfortable holding new types of investments…” according to the report.
The notes continue and reveal that “There is also evidence that the millennial demographic’s affinity to hold bitcoin relative to legacy stores of value such as gold is high.’”
We recommend that you check out the complete report in order to learn all the available details about the matter.
Fidelity’s report highlights another important issue – that the massive efforts to stimulate the economy and the huge money printing spree will be boosting interest in Bitcoin more and more.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.