In the last couple of hours, Bitcoin prices have been skyrocketing. Although this recent move has been admirable especially since it came in the wake of an unprecedented level of stability, analysts expect even more gains in the coming days, months and years.
One analyst has made a prediction for the next couple of years and for some holders, it can’t get any better than this. Ryan Selkis, founder & CEO of cryptocurrency research firm Messari has predicted that in the next couple of years Bitcoin will hit over $50,000.
Great Wealth Transfer, Millennials To Begin Inheriting The wealth Of Baby Boomers
According to a study ran early this year, rich millennials are investing in cryptocurrencies. The study indicated that 25% of rich millennials were holding or using cryptocurrencies. An additional 31% had shown interest in investing in cryptocurrencies. Now, in the next couple of years, these millennials stand to receive trillions of dollars through inheritance. According to predictions, around $30 trillion is going to be inherited over the next couple of years.
Ryan Selkis predicts that a substantial amount of this inheritance will be injected into the cryptocurrency market. He stated that if the millennials receive $30 trillion and only inject 1%, around $300 billion, then according to him “crypto will be a multi-trillion dollar asset class.” According to his conservative prediction, Bitcoin will climb up to hit over $50,000.
Mati Greenspan, a senior market analyst for social trading platform eToro, agreed with this prediction bringing into focus the market’s current cap.
“The current market cap of bitcoin is around $73 billion…If an additional $300 billion were to flow into bitcoin than it could easily increase the total market cap by 10 to 20 times the incoming capital.”
Though this prediction might be sound and mathematically adds up, as stated by Jeff Dorman, chief investment officer of asset manager Arca Funds, though it is certain that millennials will inherit trillions of dollars, there is absolutely no way of telling where or what they will invest in.
Nevertheless, if Bitcoin can keep its head up and gradually continue to grow, we can be assured that millennials will be taking an interest in it in the coming years.