CEO and founder of Galaxy Digital, Mike Novogratz, believes a transfer of wealth to the next generation could inject $225 billion into Bitcoin (BTC) and other cryptocurrencies.
Novogratz tells his 461,900 followers on social media platform X indicate he believes millennials are more likely to invest in digital assets than baby boomers.
“This has major implications for BTC and other digital assets. Young people have proven to have a better understanding of digital assets and are showing a willingness to invest in the space. As wealth passes from one generation to the next, as much as $225 billion could flow into digital assets.”
Novogratz too believes that the younger generation’s appetite for digital assets will lead to more politicians championing cryptocurrencies.
“This will also have a profound impact on the US social and political landscape. Digital tools have always been a revolution for young people, and they will look for leaders and policies that represent their views.”
He say that younger generations, including both Millennials and Gen Z, “will have a major impact on the estimated $84.4 trillion that will move from Baby Boomers to Millennials and Gen Z.”
He bases his comments on a new one report issued by Galaxy in connection with the consequences for crypto due to the so-called large wealth transfer.
Says the report,
“If the Great Wealth Transfer were to occur today, we estimate that incremental $160 billion to $225 billion would flow into the crypto markets, based on the greater adoption rate of the technology by younger generations versus baby boomers.
Since most of the wealth of boomers and older generations is expected to be passed on to younger generations by 2045, our estimate suggests that the impact of the wealth transfer could result in daily increasing buying pressure of $20 million to $28 million in the crypto market. the next twenty years.”
Survey data in the report shows that millennials are the biggest adopters of digital assets, five times as many as baby boomers.
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