Bitcoin adoption is rising, but it is still in a nascent stage. In these uncertain economic times, Bitcoin is fast emerging as a store of value. The manner in which BTC has preserved value for its owners despite the overall market weakness puts it squarely in the category of gold and other safe-haven assets.
As the world markets are bought on their knees due to the COVID-19 pandemic, Bitcoin is getting all the limelight. Despite the rise of cryptocurrencies, their mainstream popularity remains minuscule compared to conventional fiat currencies.
Bitcoin’s limited supply and rising acceptance amongst the younger users have made sure it stands apart from other cryptos. No wonder millennials believe in it as a safe-haven asset to deliver long-term returns. So, will millennials power the next round of Bitcoin adoption? The current demographic push certainly seems to point in this direction.
Inter-generation wealth transfer will boost Bitcoin adoption
The largest cryptocurrency in the world is witnessing a sharp rise in its adoption rates. Recently statements by many BTC analysts predict its value to touch $100k in a few years. From PlanB to Pete Rizzo of Kraken, all paint a bright future for BTC. And millennials increasingly want to be a part of this Bitcoin adoption boom.
As the great wealth transfer shakes up the demographic and geographic landscape of the economies, Bitcoin is mostly predicted to come out with flying colors. Generations will transfer wealth in between them, and it is expected that close to $68 trillion would be transferred to the younger generation. If current trends are to be believed, most of it will end up in Bitcoins.
Millennials want more of Bitcoin
The high adoption rate of cryptocurrencies in the younger generation shows that future generations trust in digital value storehouse. Both GenX and millennials are behind the rise of Bitcoin in the last few years.
Kraken’s Rizzo highlights that wealth transfer into the hands of younger millennials would be a huge factor in the upcoming rise of BTC price. This is the generation that will capitalize on digital assets, and credible assets like Bitcoin would emerge a winner. Millennials have now witnessed two large-scale negative economic events.
The 2008 recession and 2020 pandemic will make them reluctant to equities and treasuries. The tech generation would certainly gravitate towards virtual assets.