$68,000,000,000,000 Transfer of Wealth May Benefit Bitcoin (BTC), According to Asset Management Giant Fidelity

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Fidelity Digital Assets, the crypto custody arm of financial giant Fidelity Investments, says a massive wealth transfer on the horizon may benefit Bitcoin.

In a new report analyzing Bitcoin’s potential to emerge as a strong store of value akin to gold, Fidelity highlights the enormous amount of money that’s expected to flow from baby boomers to millennials by the year 2030. According to a 2019 study from Coldwell Banker, approximately $68 trillion will be handed down to millennials in one of the greatest wealth transfers in US history.

Millennials, whose views on finance were shaped in part by the 2008 financial crisis, have a very different view of the traditional financial system than their parents.

“The millennial demographic (those born between 1981 to 1996) is more open to novel, digitally native alternatives versus legacy products and services and more comfortable holding new types of investments…

There is also evidence that the millennial demographic’s affinity to hold bitcoin relative to legacy stores
of value such as gold is high. According to Nate Geraci, president of investment advisor, ETF Store, anecdotally, about 90% of their millennial clients said they prefer bitcoin to goldxv – ‘It’s a landslide.’”

Fidelity’s report concludes that increasing efforts to stimulate the economy and elevated levels of money printing are boosting interest in Bitcoin, but the outcome of the leading cryptocurrency remains uncertain.

“This is exacerbating the concerns that Bitcoin was designed to address and is leading more investors and users towards bitcoin as an ‘insurance policy’ that may provide protection against the unknown consequences…

While bitcoin is not guaranteed to succeed as a store of value, should sustainable long-term demand
for the use case not materialize, the tailwinds mentioned above should drive incremental demand.”

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The post $68,000,000,000,000 Transfer of Wealth May Benefit Bitcoin (BTC), According to Asset Management Giant Fidelity appeared first on The Daily Hodl.

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