Silbert made the comment in response to a tweet by Grayscale which gave an insight into the brightness of Bitcoin in about 25 years, fueled by a massive wealth transfer from boomers to Millennials and Gen X.
“This is a very big deal…and one of the reasons I’m so bullish on bitcoin (and bearish on gold).”
As the globally leading digital assets management fund, Grayscale has made it clear that it is playing the long-term game with the crypto market.
The firm has more than once said that since millennials are the most tech-savvy generation and distrustful of the current traditional financial system, they are the likeliest to invest in bitcoin.
“Our study shows millennials are most inclined to consider #Bitcoin investments, so this could be a massive market opportunity for $BTC.”
Consequently, they represent the largest and most potent bitcoin target market, especially after receiving approximately $68 trillion in wealth transfer from baby boomers. Most of the money, according to Grayscale, will end up in digital assets and primarily Bitcoin.
“The #wealthtransfer from baby boomers to Gen X and millennials could be as much as $68 trillion over the next 25 years.”
Bullish On Bitcoin, Bearish On Gold
Grayscale is among the earliest institutional Bitcoin investors and later in other digital assets, including Ethereum, XRP, and LTC. In 2016, Grayscale established its bitcoin trust fund which is now the world’s largest BTC fund, currently managing over half a billion of total circulating BTC supply.
A study conducted by the firm shows that there’s a 7% increase in investor familiarity with bitcoin in 2020 compared to 2019. Silbert said that while he is bullish on Bitcoin, he is bearish on gold, which doesn’t reflect the needs of the upcoming primary investment class.
MicroStrategy’s CEO Michael Saylor, who is arguably the biggest and most unlikely Bitcoin supporter and institutional investor of 2020 also mirrors Barry Silbert’s sentiments. He wrote on Twitter that Bitcoin will phase out gold as a store of value.
“For thousands of years, we crossed oceans in wooden ships and stored value in golden coins. With the invention of steel, wooden ships became ornamental yachts. With the invention of #Bitcoin, golden coins will become ornamental jewelry.”