The early stage of Bitcoin was quite blurred as many felt weird and scared about the technology and its usage. However, it became a thing of joy for those who wanted decentralization in the financial system, and Bitcoin gradually became an essential asset for transfer and store of value especially as Generation X had less trust in central banks.
As the world revolves, over $68 trillion of the US wealth is anticipated to change ownership in the future, and generation X will inherit $38 trillion leaving the millennials with $30 trillion, Creulli Associated has said in a report.
Having said that; the amount of this treasury that will be transferred into Bitcoin will depend solely on the decision of people. But reports have shown that the majority of the crypto investors are millennials.
After analyzing the adoption rate of innovative technology as well as the rate of wealth transfer and anticipated quota of the treasury to be transferred to Bitcoin, Kraken crypto exchange, in a recent research, finalized that Bitcoin would likely witness an influx of $1 trillion revenue by the year 2044.
Kraken, in another statement, said the revolution would help increase the value of Bitcoin to $350,000 by 2044.
3/ Here’s a projection showing the estimated flow of assets as the Baby Boom generation declines and transfers its wealth to Gen X and Millennials.
Almost 70% of the total $70 trillion transfer will occur in the next 10 years. pic.twitter.com/zXpZf17NBB
— Kraken Exchange (@krakenfx) March 25, 2020
It was noticed in the research that the acceptance of lucrative ideas in the market has been on increase. A lucid example is the internet which surfaced as a weird technology and now, it is the most common tool used by people.
The increasing growth of Bitcoin in the financial market and the relatively low internet cost signals that within a few years, BTC would penetrate the financial market massively and the value of the leading crypto asset would surge greatly.
The report states:
“Because the root of bitcoin’s growth is incremental demand, we posit that as bitcoin matures and the Millenials and Generation X inherit their wealth, the average annual percentage of wealth that inflows into bitcoin will also follow an S-curve.”
Therefore, Bitcoin’s present acceptance and growth in the market in not abnormal due to its age. However, the growth, demand and adoption of Bitcoin is expected to follow an S-curve just like other technologies.