Kraken Says Wealth Transfer Will Make BTC Soar To $350k By 2045

The millennials and Generation X-ers in the United States are right now practicing self-isolation and social distancing because of the coronavirus (COVID-19) in order to find some solace that – in addition to saving lives – can help them inherit around $70 trillion from baby boomers in the following years. One of the largest exchanges out there, Kraken says wealth transfer will make Bitcoin benefit from this and rise in the future.

The in-house research and intelligence team at the exchange named Kraken Intelligence, released a report titled “Inheriting USDs & Acquiring BTCs: How ‘The Great Wealth Transfer’ Will Fuel ‘The Great Bitcoin Adoption.” In it, they claim that if American Millennials were to invest at least 5% of their inherited wealth into Bitcoin (BTC), they could drive the price of the cryptocurrency up to $350,000 in 2044. This would give the generational group around $70 trillion in terms of value – out of a $971 billion investment.

3/ Here’s a projection showing the estimated flow of assets as the Baby Boom generation declines and transfers its wealth to Gen X and Millennials.

Almost 70% of the total $70 trillion transfer will occur in the next 10 years. pic.twitter.com/zXpZf17NBB

— Kraken Exchange (@krakenfx) March 25, 2020

The report, as Kraken says, is meant to showcase the true activity of these generations. If it gained popularity, older people with an affinity for traditional assets (such as Warren Buffett) have often been unwilling to embrace cryptocurrency.

As Kraken says in the report, data has been viewed from a unique perspective. The crypto news also show that the report expands on cultural profiles of Generation Xers and Millennials – and how their upbringing has affected their view on BTC and the cryptocurrency market in general.

An excerpt from the report reads:

“…older generations possessed a less favorable view of bitcoin than Millennials and Gen Xers…. 81% of US adults were familiar with at least one type of cryptocurrency, bitcoin being the most popular at 75%, approximately 55% of Millennials and 41% of Generation X familiar with at least one cryptocurrency voiced their belief that cryptocurrencies will become ‘very’ or ‘somewhat’ widely accepted for legal transactions before 2030.”

The report also suggests that people in young generations who are not only more familiar with but also accepting Bitcoin and following the Bitcoin news will have more options to invest in the future.

Summing things up, Kraken says that if younger people were to use just 1% of their wealth and invest in BTC, the price of the dominant coin could rise to $70,000 – if not more – by year 2044.