Within the next few decades, Millennials will become the wealthiest generation in history. Baby Boomers are set to pass on a massive $68 trillion to their children, the largest generational wealth transfer ever.
Generation X may be next in line to inherit the wealth shift, but it doesn’t matter. Millennials are leading the charge on Bitcoin, and that’s likely going to leave them filthy rich.
DeVere, a financial adviser, found that more than two-thirds (67%) of the more than 700 millennial clients it surveyed said that they preferred bitcoin to gold as a safe-haven asset.
This matters because Bitcoin isn’t just an alternative way to pay for goods; it’s looking to eventually overthrow the entire financial system.
Bitcoin is coming…
Bitcoin is Michael Myers. It‘s been coming for years. It never gives up. Even when you think it’s dead.
After an abysmal 2018 to 2019 stretch, Bitcoin is nearing an all-time high. The price is up 166% this year, and big-name investors don’t think it’s going to stop.
Crypto is rallying because more people trust it as a currency and its financial system: Blockchain technology. The latter of which is a direct middle finger to the banks.
Blockchain doesn’t allow for any one person to control the financial system that runs Bitcoin. Instead, the currency is passed off by an extremely technical network of miners.
Furthermore, only 21 million Bitcoins will ever be produced. It isn’t like U.S. currency where the Federal Reserve can print more of it and potentially ruin the economy.
Code is law for Bitcoin. 21 million is all that will ever be produced.
Some Bitcoin bulls think it will be valued at $100,000 by 2021 (currently valued around $18,000). An event called the halving significantly reduced the remaining Bitcoin distributed earlier this year on May 11. That means it became rarer than it already is.
Once the banks start buying crypto to save themselves from a complete takeover (which they likely already are but aren’t telling anyone), it’s game over. The financial systems will be irreversibly changed.
2008 Changed it All
Bitcoin was created after the 2008 financial crisis because there was a serious mistrust in banks. Millennials remember this crisis painfully. They were graduating from college, about to set off for life, and were crushed by the banks fuck up.
This moment changed everything. Bitcoin was created soon after, and Millennials would never forget the banks screwing them over.
The data proves it:
According to the Millennial Disruption Index — a 3-year study of 10,000 Millennials, the majority (71%) of Millennials reported that they would rather go to the dentist than listen to anything banks have to say.
Sorry isn’t cutting it for Millennials. A quarter of American Millennials, aged between 24 and 38, and earning $100,000 in individual or joint income, or owning $50,000 in investable assets, are either holding or using cryptocurrencies.
Another survey, commissioned by the independent research firm Provoke Insights, asked 1,000 online investors in the U.S., ages 20 through 65, about stock exchanges, cryptocurrency exchanges, and 401(k)s. 43% of millennial respondents said they trusted cryptocurrency exchanges more than U.S. stock exchanges.
I don’t know if there will be a “gotcha moment” for Bitcoin. It’ll likely happen when its price soars beyond anything that was ever imagined (i.e., well into the hundreds of thousands of dollars).
Millennials get it. Boomers and Gen Xers don’t. And that’s why things are going to change.