Boomers could add $1 trillion to the Bitcoin (BTC) market, says Novogratz
Baby boomers could be the next generation to adopt crypto.
Mon, 29 Mar 2021, 09:33 am UTC
Previous studies pointed crypto assets are more appealing to younger investors such as millennials. However, wealthy baby boomers could be the next generation to embrace digital currencies as more banks start offering Bitcoin (BTC) to their clientele.
According to Galaxy Digital CEO Mike Novogratz, baby boomers could bring in as much as a trillion dollars into the Bitcoin market over the next year, Bitcoin.com reported. The longtime bitcoin bull said in an interview at the Reuters Digital Assets Week that baby boomers will be the next generation to get into crypto as digital currencies become more mainstream.
“It could be as much as a trillion dollars comes over the next year from that giant group of wealth,” Novogratz said. After Morgan Stanley’s announcement to offer Bitcoin funds to its clients, the Galaxy CEO expects other banks to follow suit.
This could usher in the entry of more wealthy baby boomers into the crypto market. “The money will start coming in early next month,” Novogratz added. Baby boomers are those who were born after the Second World War and generally defined as those born from 1946 to 1964.
Once its plans pushers through, Morgan Stanley will be the first big U.S. bank to offer Bitcoin products to its well-heeled clientele. The bank plans to initially offer Galaxy Digital: the Galaxy Bitcoin Fund LP and the Galaxy Institutional Bitcoin Fund LP to its wealth management clients.
Novogratz isn’t the only one expecting a deluge of investments from baby boomers. For instance, JMP Securities said that the Bitcoin market could soon receive as much as $1.5 trillion from wealthy investment banks clients. “Around $30 trillion of assets in the U.S. retail wealth management industry currently do not have direct access to bitcoin,” JMP said.
Novogratz said that BTC is better viewed as a store of value asset rather than as a mode of payment. “If you’re worried that the U.S. is printing too many dollars … you’re going to shift some of your savings into bitcoin,” he said.
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