Cryptocurrency, in its short period of existence, has been highly beneficial for all existing generations, with Bitcoin millionaires ranging from 18 years to over 50 years of age. However, the question of which generation will benefit the most from the highly promising cryptocurrency is one that surfaces very often in the crypto community.
Usually, the debate always favors the idea that younger generations (millennials and Generation Z’s) are likely to make history books as the biggest Bitcoin whales. However, it seems that Jason Williams, the co-founder of Morgan Greek has very different views and has recently taken to Twitter to express that contrary to popular beliefs, the older generations (Baby Boomers and Generation X) are most likely to profit the most from Bitcoin.
Although Williams agrees that millennials should rightfully top the list of Bitcoin’s future whales, he maintains that the two generations before them are better positioned to possess a larger portion of the digital asset. It would seem that Williams is drawing objective conclusions based on the fact that both generations make up the majority of first time Bitcoin investors.
Baby Boomers and Gen Xers are known to be the first Bitcoin investors, with a large percentage making up the list as the first Bitcoin millionaires and billionaires. Being the first ones to bet big on Bitcoin, these generations make up a large number of long-term Hodlers.
This category includes the Winklevoss twins, who are considered Bitcoin’s first billionaires, thanks to the $11 million investment they made in the early days of Bitcoin. When it comes to interest, Boomers and Gen-Xers have established that they are in for the long-term, hence making HODLing their go-to investment strategy. But a closer look at statistics shows that this interest is largely sustained due to a strong and favorable financial structure.
When listing out the factors that affect ownership hierarchy, financial stability certainly takes the lead. And with the older generation owning more wealth than both millennials and generation Z put together, it is no surprise that these groups have a staggering amount of Bitcoin under their investment belt.
Last year, Business Insider reported that Boomers control 60% of the US. wealth, while Gen-Xers controlled 16%. Millennials on the other hand only make up a piddling 3%.
Regardless of this, millennials are expected to take up more space in the future. While older generations own a fair share of Bitcoin, millennials reportedly have more Bitcoin in their possession.
Last year, a report from a Blockchain investment firm revealed that 59% of millennials, alongside a good number of generation Z’s (starting from 18 years of age) owned more Bitcoin than Generation-Xers and Boomers who own between 50% and 33% respectively.