Kraken’s research team, Kraken Intelligence, says that millennials and members of the Generation X group could very easily inherit close to $70 trillion via Bitcoin (BTC) sometime in the future.
The team made this known in a report dubbed “Inhering USD & Acquiring BTCs: How ‘The Great Wealth Transfer’ Will Fuel ‘The Great Bitcoin Adoption.”
According to the report, all it would take for this to happen is for millennials in the U.S. to invest a minimum of 5% of all the wealth they inherit, in BTC. If this happens, Kraken Intelligence believes that this could easily raise the price of Bitcoin to $350,000 by 2044.
That much rise in the price of Bitcoin could pull in $70 trillion in returns, from an investment of $971 billion.
The report also explored people’s interest in cryptocurrency by their different age groups. Unsurprisingly, most baby boomers have little to no interest in Bitcoin or any other cryptocurrencies. This puts millennials in an advantageous spot, giving them access to more investment channels as they grow older.
The report also defends the disinterest of older people. According to Kraken Intelligence, crypto’s instability is better explored by young people with less risk.
“While this can be explained in part by the fact that both generations harness a greater technological competence than their elders, we should also consider that bitcoin’s current volatility is unsuitable for individuals nearing or in retirement.”
Kraken recently announced its decision to put some focus on the Indian market, following the Supreme Court’s declaration of crypto as legal.