More than 1.5 billion people in the US and a growing number of people around the world are interested in Bitcoins and other tokens, according to three independent research reports.
Bitcoin has risen more than 20% this year, while gold has gained only 3%, suggesting that millennials prefer digital stores of value to physical stores that baby boomers have been using for decades. In fact, nearly 95% of boomers are 65 and older, and agree that they would rather risk $1,000 on a stock than the nearly 30% of millennials who, according to a recent survey, would put their money into the leading digital currency. Boomers and Gen-X, it seems, are equally enthusiastic about digital currencies, with seven in ten having invested in crypto and will do so in the near future.
Bitcoin eats gold and is driven into cryptocurrencies by those who are already the next generation. Bitcoin is being eaten by gold – and that is good for the future of the US economy and the global economy.
Many baby boomers have forgotten the really old, and the older generation is losing touch with the younger generation. For the first time, the younger generation has access to wealth that is being passed on to millennials – or so they claim.
Millennials see Bitcoin and cryptocurrencies as a sensible form of investment, as BeInCrypto has already suggested. The idea of using cryptocurrencies as a means of saving for the future could be quite revolutionary if the concept takes hold, and I am sure it will.
Blockchain companies like Grayscale Bitcoin Trust (GBTC), which holds bitcoin, have made a lot of money in recent years, and it is encouraging that these projects are actually growing organically within the crypto-ecosystem. Bitcoin will still be the first wave of new entrants to crypto, of course, but the wave is coming. We have already seen the US take-up rate rise as large companies shift cash into Bitcoin. When Bitcoin rises, corporations will play it with their reserves, because it has been going up and down since they put their money in Bitcoin.
This ultimately means that we will see a madness comparable to Bitcoin, as promising new coins begin to launch as more millennials become aware of their earning potential. While there are many reasons for millennials and Gen Z to consider investing in currencies like Bitcoin and beyond, the other driver for older generations will be the rise of other cryptocurrencies like Ethereum, Litecoin, and even Ripple.
It is this part of the industry that makes crypto so beneficial, as I believe that using Bitcoin is much safer than investing in a bank because of its youth. While cryptocurrencies may not appeal to the masses, millennials seem to prefer Bitcoin, Ethereum, and other digital currencies. It really shouldn’t come as a surprise that millennials, who have watched the old guard mismanage money and grow up on the Internet, prefer bitcoin to traditional value chains. Interestingly, the main reason millennials invest in cryptocurrencies is to save for retirement funds.
This is according to a new survey by Bankrate, which found that millennials (in this case, those aged 18 to 37) consider Bitcoin the best place to invest money because they won’t need it for 10 years or more. Financial adviser DeVere surveyed more than 700 millennial customers and found they like Bitcoin, Ethereum, and other digital currencies for their retirement savings.
The report notes that by March 2020, 77 percent of the flow could be attributed to buyers over 55 who are “engaging in bitcoin,” as the description puts it, because of concerns about possible inflation triggered by central bank stimulus initiatives.
If this happens with only 21 million BTC, the crypto-asset could reach well over $100,000 per BTC by 2020, which is precisely why millennials prefer Bitcoin to gold. Mode suggests that the findings suggest greater acceptance of Bitcoin by older buyers, as Generation X includes people born between 1965 and 1980, while Baby Boomers were born between 1946 and 1964. Boomers aged 55 and over already own nearly seven percent of all bitcoins, and that number is likely to rise as new developments in the blockchain market take hold. Bitcoin is expected to one day take over gold’s market capitalization and invest in trillions of dollars.
He continued: ‘While there are some millennials and Gen Z who are considering investing in Bitcoin, the other older generations are still behaving as they have in recent years. Novogratz, a young investor in BTC, said: “Baby boomers eat their future lunch in many ways and build up a huge deficit.
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