Bitcoin Trades Above $6,700 – This Will Boost BTC To $350k, Says Kraken

The crypto market seems to be doing better today, with the most important coins trading in the green.

Bitcoin is also trading in the green, and at the moment of writing this article, BTC is priced at $6,705.14.

Bitcoin optimistic prediction arises

Despite the global crisis that we’re in these days, there are also some optimistic predictions regarding the price of Bitcoin and cryptos in general.

Although a lot of analysts said that this might be the end of the crypto industry, some believe the contrary – that these hard times will show the true advantages of crypto and the underlying tech, the blockchain.

The research team at the crypto exchange Kraken said that Bitcoin would reach $350k, but this will definitely not happen anytime soon.

Massive catalyst for a BTC bull run

Kraken Intelligence cited a multitrillion-dollar wealth transfer that is expected to shift assets from baby boomers to their kids as a massive catalyst for a Bitcoin bull run.

Also, researchers said that BTC could reach a $350,000 price in the year 2044.

“Assuming a 5% investment allocation and a 2% inheritance tax, by 2044 Gen X and Millennials could invest an estimated $971 billion into Bitcoin as they inherit wealth. World investment could make this figure much higher,” according to official notes.

Kraken Intelligence said: “Here’s a projection showing the estimated flow of assets as the Baby Boom generation declines and transfers its wealth to Gen X and Millennials. Almost 70% of the total $70 trillion transfer will occur in the next ten years. Relative to marginal supply, the implied price of Bitcoin in 2044 would be about $350,000 (assuming the $971 billion investment).”

The whole world is under attack these days, and the enemy is the same one for all the countries out there – the coronavirus pandemic.

Covid-19 has been affecting healthcare systems and economies all over the world, and this will definitely continue a while longer.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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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.

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