Kraken, the world’s 4th largest cryptocurrency exchange on trust score by Coingecko data, has released a report which is pointing the impending growth of Bitcoin, and it can reach to a level of $350k by 2040.
Kraken Intelligence, the in-house research expert team of the cryptocurrency exchange, has published the blog on March 25th titled How ‘The Great Wealth Transfer’ Could Give Bitcoin a $1 Trillion Boost. The blog further linked to a report entitled “Inheriting USDs & Acquiring BTCs: How “The Great Wealth Transfer” Will Fuel “The Great Bitcoin Adoption.”
The report at first-hand predicts that Bitcoin is on the booming stages majorly due to the inheritance of the wealth from Baby Boomers to Millennials and Generation X, in the U.S. Meaning, Bitcoin is here to stay, and over the next 25 years, both generations would embrace the emerging technology and asset class.
Bitcoin to Get $1 Trillion Boost
The report shows an analysis of a quantitative estimate performed by the Kraken Intelligence team. The data indicates that the wealth which is going to be inherited by the Millennials and Generation X from the Baby Boomers is bound to flow towards Bitcoin. Also, the flow of money towards Bitcoin will affect its valuation to a large extent as much as it could lead to its valuation of $1 trillion.
The information signifies that in the upcoming decades, United States would undergo the intergenerational wealth transfer of $68.4 trillion to the Millennials (ages 24 to 39) and Generation X (ages 40 to 55). The “great wealth transfer” will surge the value, interest, and adoption of Bitcoin because new users and investors would be onboarding to the Bitcoin network.
As per the statistics, the potential impact is, if out of $68.4 trillion, 5% of the impending wealth transfer from Baby Boomers to Millennials and Generation Xers of U.S. happens in Bitcoin investments then the price of Bitcoin (BTC) can drive up to approx. $350,000 in 2044.
Kraken is one of the oldest digital asset exchanges founded in 2011. Reportedly, the cryptocurrency exchange is the first company to display it’s market data on Bloomberg Terminal. So far, the crypto trading platform has successfully gained the investment from the industry mavens such as Blockchain Capital, Digital Currency Group, Hummingbird Ventures, and Money Partners Group.