Markets
Baby Boomer Wealth Transfer Poised to Boost Crypto Markets
Baby boomers are expected to significantly influence crypto markets indirectly through a large intergenerational wealth transfer. This move is anticipated to funnel substantial funds into the hands of younger, crypto-savvy generations. Additionally, baby boomers may begin investing in digital assets themselves following the U.S. Securities and Exchange Commission’s recent approval of Bitcoin and Ethereum spot exchange-traded funds (ETFs).
Traditionally, older Americans tend to take a more cautious investment approach, which makes them more risk averse compared to today’s typical cryptocurrency investors. This conservative mindset, combined with the high incidence of crypto scams targeting elderly Americans, who lost approximately $3.4 billion to such scams last year, suggests that security concerns for crypto wallets will become more pronounced. Currently, nearly half of the investment firms used by baby boomers have some exposure to bitcoin ETFs. As the richest demographic group in the United States, older Americans control about $68 billion in assets, including real estate, stocks and other investments.
Galaxy Digital CEO Mike Novogratz is optimistic about the positive impact baby boomers will have on crypto markets. He notes that Bitcoin’s current $1.3 trillion market capitalization could potentially surpass that of gold as boomers become more involved. Novogratz highlights the generational shift in wealth, stating: “For every Charlie Munger – God rest his soul – who passes away, that money is reaching Gen Z and millennials, and they feel much more comfortable with the digital gold of the than with clumsy old gold.”
You read?
The most elegant countries in the world.
The best countries in the world for business expatriates.
Best non-native English speaking countries in the world.
Countries with largest household size.
The best (and worst) countries in the world for elderly people to live.
Add CEOWORLD magazine to your Google News feed.
follow CEOWORLD Magazine headlines about: google news, LinkedIn, TwitterIt is Facebook. Copyright 2024 CEOWORLD Magazine. All rights reserved. This material (and any extract from it) must not be copied, redistributed or posted on any website without the prior written consent of CEOWORLD magazine. For media inquiries, please contact: info@ceoworld.biz