There is a lot of antipathy and mistrust over bitcoin from the current baby boomer generation which largely doesnt understand the technology. Millennials on the other hand have been brought up with tech and theyre about to inherit trillions.
According to statistics an estimated $60 trillion in wealth will be passed down from boomers to millennials over the next 30 years. Boomers are defined as being born between 1946 and 1964 so an estimated 10,000 of them turn 65 every day.
Ikigai Fund manager Travis Kling posed the obvious question:
Boomers are generally old school investors that prefer traditional assets such as blue chip stocks and commodities, they are risk averse.
This can be evidenced by some of the repetitive commentary from some of the boomer characters on crypto twitter that revel in bashing bitcoin at every opportunity.
They do not understand the technology and do not want to; most of them have already made their millions, some have made billions. A generational paradigm shift is about to occur.
The global economy is in dire straits, that much was true even before the Coronavirus (Corvid-19) outbreak put the world on red alert. Booms and busts are cyclical and the last big one was in 2008.
Back then housing markets started to fall and banks were over lending, allowing people to take out loans at over 100% the value of their property.
Banks were also engaging in trading profitable mortgage-backed securities, backed by home loans as collateral, that they sold to investors. Financial institutions around the world owned these mortgage-backed securities, but they were also into mutual funds, corporate assets, and pension funds.
The banks demanded more mortgages, often lending to non-credit worthy people, to prop up their profits from the sale of these derivatives. The bubble eventually burst so to say that banks caused the last financial crisis is an understatement.
Millennials were born between 1981 and 1996 according to the Pew Research Center so many have vivid memories and experiences from this global economic crisis. Most of them came of age and entered the workforce facing the height of this recession and many are now laden with debt.
Therefore a massive distrust of the banking system which caused this collapse is prevalent among this demographic. This was highlighted by Satoshi Nakamoto in his now famous whitepaper;
The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.
It stands to reason then that a large portion of this wealth will not go into the banking system or old school assets, but into a technology that is immutable, finite, and can be trusted bitcoin.
Will millennials drive the next bitcoin boom? Add your comments below.
Follow this link:
How Millennials Will Inherit Trillions And Buy Bitcoin - Bitcoinist
- Satoshi Nakamoto Definition | Investopedia - February 6th, 2018 [February 6th, 2018]
- Who is Satoshi Nakamoto, Cryptocurrency's Elusive Creator ... - March 2nd, 2018 [March 2nd, 2018]
- Self-proclaimed Satoshi Nakamoto sued for swindling $5 ... - March 2nd, 2018 [March 2nd, 2018]
- Bitcoin's Creator Satoshi Nakamoto Is Probably This ... - March 28th, 2018 [March 28th, 2018]
- Satoshi Nakamoto - Wikipedia - May 7th, 2018 [May 7th, 2018]
- Satoshi Nakamoto Known to CIA? FBI? Created by NSA? Search ... - August 21st, 2018 [August 21st, 2018]
- Satoshi Nakamoto, bitcoins enigmatic creator - Brain scan - September 6th, 2018 [September 6th, 2018]
- Bootstrapped Gavin: Satoshi Nakamotos identity revealed ... - September 6th, 2018 [September 6th, 2018]
- Satoshi Nakamoto was interested in joining Trons Atlas ... - September 14th, 2018 [September 14th, 2018]
- Satoshi Nakamoto Revealed Says UK Nonprofit Stylometry ... - October 9th, 2018 [October 9th, 2018]
- 2018 Who is Satoshi Nakamoto? Psychic Insights Michelle ... - October 28th, 2018 [October 28th, 2018]
- How bitcoin has failed to achieve Satoshi Nakamotos ... - November 6th, 2018 [November 6th, 2018]
- Satoshi Nakamoto Introduced Bitcoin 10 Years Ago ... - November 6th, 2018 [November 6th, 2018]
- Who Is Satoshi Nakamoto? - bitcoinplay.net - December 14th, 2018 [December 14th, 2018]
- Satoshi Nakamoto Finally Revealed! A Back-Of-The-Envelope ... - December 14th, 2018 [December 14th, 2018]
- The Incomplete List of People Speculated to Be Satoshi ... - January 6th, 2019 [January 6th, 2019]
- Satoshi Nakamoto's profile updated 2018! | Crypto Insider - January 6th, 2019 [January 6th, 2019]
- Bitcoin (BTC) Creator Satoshi Nakamoto More Powerful Than ... - January 6th, 2019 [January 6th, 2019]
- Who is Satoshi Nakamoto? - What is Bitcoin? - January 6th, 2019 [January 6th, 2019]
- Who is Satoshi Nakamoto? - Invest in Blockchain - January 6th, 2019 [January 6th, 2019]
- Fake Satoshi Nakamoto Craig Wright Rats Out Ethereum Trying ... - February 19th, 2019 [February 19th, 2019]
- Will The Real Satoshi Nakamoto Please Stand Up No, Sit Down ... - February 19th, 2019 [February 19th, 2019]
- Who Is Satoshi Nakamoto? The Top 4 Candidates Revealed ... - February 19th, 2019 [February 19th, 2019]
- Satoshi Nakamoto Person Of The Year - Business Insider - February 19th, 2019 [February 19th, 2019]
- Will The Real Satoshi Nakamoto Please Stand Up - bitcoinist.com - February 19th, 2019 [February 19th, 2019]
- From Dorian Nakamoto to Elon Musk: The Incomplete List of ... - February 19th, 2019 [February 19th, 2019]
- Satoshi Nakamoto May Have Considered a Bitcoin Kill Switch ... - March 22nd, 2019 [March 22nd, 2019]
- How Rich is Satoshi Nakamoto Today? - coincentral.com - March 22nd, 2019 [March 22nd, 2019]
- Who is Satoshi Nakamoto? - CCN - March 22nd, 2019 [March 22nd, 2019]
- Bitcoin's Creator Satoshi Nakamoto Is Probably This Unknown ... - March 22nd, 2019 [March 22nd, 2019]
- Satoshi Nakamoto: Who is Bitcoin's Mysterious Creator ... - March 22nd, 2019 [March 22nd, 2019]
- Satoshi Nakamoto May Have Considered a Bitcoin Kill Switch - March 22nd, 2019 [March 22nd, 2019]
- Who is Satoshi Nakamoto? We Look at The Possible Candidates ... - March 22nd, 2019 [March 22nd, 2019]
- New Information Heightens Satoshi Nakamoto Mystery - Bitcoin News - March 22nd, 2019 [March 22nd, 2019]
- Satoshi Nakamoto Mines Over 40% of Bitcoin Cash, Sparks ... - May 5th, 2019 [May 5th, 2019]
- Who is Satoshi Nakamoto? John McCafee Claims to Know And ... - May 5th, 2019 [May 5th, 2019]
- Back to the Satoshi Nakamoto Bitcoin affair - BBC News - May 5th, 2019 [May 5th, 2019]
- Bitcoin block size limit debate: An overview - Cryptopolitan - September 18th, 2019 [September 18th, 2019]
- Is it Legal to Invest in Bitcoins in India? Here's a Guide to Cryptocurrencies - News18 - September 18th, 2019 [September 18th, 2019]
- Someone just moved $1.4 billion in Bitcoin - ACS - September 18th, 2019 [September 18th, 2019]
- You Can Now Prove a Whole Blockchain With One Math Problem Really - CoinDesk - September 18th, 2019 [September 18th, 2019]
- Bitek CEO talks spreading Bitcoin SV news in Latin America - CoinGeek - September 18th, 2019 [September 18th, 2019]
- Are 18 months enough for SpaceChain's extraterrestrial blockchain network? - Cryptopolitan - September 19th, 2019 [September 19th, 2019]
- Bitcoin Will Surge to $20,000, States BitMEX Chief Executive After Fed Prints $53 Bln of QE - U.Today - September 19th, 2019 [September 19th, 2019]
- The Top 5 Cryptocurrency Exchanges - Asia Crypto Today - September 19th, 2019 [September 19th, 2019]
- Snowden Triumphs Bitcoin While US Govt Tries Book Earnings Seizure - CCN.com - September 19th, 2019 [September 19th, 2019]
- What Is Blockchain Technology? - The Crypto Coin Discovery - September 19th, 2019 [September 19th, 2019]
- US Arrests One of the First Ethereum Devs - ihodl.com - September 19th, 2019 [September 19th, 2019]
- Craig Wright Claims He Almost Settled the Case with the Kleiman's - ihodl.com - September 19th, 2019 [September 19th, 2019]
- Craig Wright to Negotiate for Settlement Over 1.1 Million Bitcoin Ownership Trial - CryptoNewsZ - September 19th, 2019 [September 19th, 2019]
- Social media site Tsu set to return - ZDNet - September 19th, 2019 [September 19th, 2019]
- OPINION: Institutional Trading Could Kill Crypto Exchanges - Markets Media - September 19th, 2019 [September 19th, 2019]
- Craig Wrights Hidden Treasures: Court Order to Unlock the Tulip Trust - Cointelegraph - September 19th, 2019 [September 19th, 2019]
- Five Reasons Satoshi Nakamoto Is Smarter than Mark Zuckerberg - CCN.com - September 19th, 2019 [September 19th, 2019]
- And Satoshis True Identity is - CCN.com - September 19th, 2019 [September 19th, 2019]
- Donald Trump or Prince William? New Bitcoin Father Theory - Coin Idol - October 2nd, 2019 [October 2nd, 2019]
- EPFL Researchers Invent Low-Cost Alternative to Bitcoin | Fintech Schweiz Digital Finance News - Fintechnews Switzerland - October 2nd, 2019 [October 2nd, 2019]
- How to think about the future of digital currency - The Next Web - October 2nd, 2019 [October 2nd, 2019]
- Regulators Must Have Died and Made Crypto Exchanges King - CCN.com - October 2nd, 2019 [October 2nd, 2019]
- Bitcoin Price to Hit $90,000 After May 2020 Halving, Predicts Germany's Top... - Coinspeaker - October 2nd, 2019 [October 2nd, 2019]
- Block.ones SEC settlement over EOS ICO is shockingly weak say critics - Decrypt - October 2nd, 2019 [October 2nd, 2019]
- Bitcoin has a massive carbon footprint. This clever new cryptocurrency doesnt - Digital Trends - October 2nd, 2019 [October 2nd, 2019]
- John McAfee on Libra, Satoshi Nakamoto, and the Binance Ban [BeInCrypto Interview] - BeInCrypto - October 2nd, 2019 [October 2nd, 2019]
- AI, The Great Depression And Satoshi Nakamoto: Robert Shillers Narrative Economics Is A Cautionary Tale For Our Times - Forbes - October 2nd, 2019 [October 2nd, 2019]
- Analyzing the Bitcoin Phenomenon - ChartAttack - October 12th, 2019 [October 12th, 2019]
- Latest cryptocurrency news and prices, 09 October 2019 - The South African - October 12th, 2019 [October 12th, 2019]
- Alipay Claps Back at Binance, Reaffirms Ban on Bitcoin & Other Cryptocurrencies - BlockPublisher - October 12th, 2019 [October 12th, 2019]
- Bitcoin Association and Cambridge Partner Over Bitcoin SV - Live Bitcoin News - October 12th, 2019 [October 12th, 2019]
- How Bitcoin Miners Fueled the Bear Market Trend of 2018 - BTCNN - October 12th, 2019 [October 12th, 2019]
- Bitfinex and Tether Face Class Action Filed by Lawyers Who Sued Craig Wright - CryptoGlobe - October 12th, 2019 [October 12th, 2019]
- Cryptocurrency: What to know about digital money - Fox Business - October 12th, 2019 [October 12th, 2019]
- Bitcoin History Part 18: The First Bitcoin Wallet - Bitcoin News - October 12th, 2019 [October 12th, 2019]
- 2 Bitcoin Developers Explain How The Cryptocurrency Could Still Fail - Forbes - October 12th, 2019 [October 12th, 2019]
- With 18 Million Bitcoins Mined, How Hard Is That 21 Million Limit? - CoinDesk - October 25th, 2019 [October 25th, 2019]
- Wonders Of The Blockchain-Enabled Supply Chain - Coinrevolution.com - October 25th, 2019 [October 25th, 2019]
- Oxford English Dictionary Recognizes Growing Adoption of Crypto by Adding 'Satoshi' - CryptoGlobe - October 25th, 2019 [October 25th, 2019]
- Bitcoin moves towards the foresight of inventor Satoshi Nakamoto - OBN - October 25th, 2019 [October 25th, 2019]
- Jack Dorsey: Bitcoin is becoming the Internets national currency - Decrypt - October 25th, 2019 [October 25th, 2019]
- Exclusive Interview with John McAfee: Epstein Didnt Kill Himself, Bitcoin to Hit $1 million, & Rus - U.Today - November 25th, 2019 [November 25th, 2019]
- More than just crypto: blockchain usage grows amidst greater regulation - Bobsguide - November 25th, 2019 [November 25th, 2019]