Ever since Satoshi introduced Bitcoin to the world, naysayers and critics have always said that it is bound to fail miserably. However, things are turning out in favor of the supporters. In that context, the Bitcoin aware Millennials are projected to inherit close to $70 trillion of value from the Baby Boomer generation by 2045.
Data compiled and released by digital asset management firm Coinshares in November 2019 suggested that those who grew up with Bitcoin will benefit from savings worth more than three times the current US GDP.
‘Boomers’ To Hand Over $68.4 Trillion
The research findings continue to make rounds on social media where they have so far found significant traction with commentators who have become quite suspicious of the ‘Boomers.’ In the last decade, Bitcoin trading through platforms like bitcoin era has gained intense popularity. On the other hand, individuals who prefer traditional assets like stocks and gold have got labels for their supposed unwillingness to embrace cryptocurrency.
The “#OKBoomer” hashtag on Twitter has now become synonymous with the huge gap existing between old and young. With elders now expected to retire in huge waves, the people who are more sympathetic to Bitcoin will take over and they will have more options than ever before to invest in it.
Cumulatively, Coinshares is convinced that $68.4 trillion will transfer to the hands of Generation X, Millennials, and post-Millennials in the next 25 years. Data obtained from Coin Dance suggests the 25-34 year old demographic makes up about 50% of Bitcoin holders.
According to the summary made by the Twitter account CryptoBalkans:
“A bit of #ThanksBoomer instead of #OKboomer” should be the line taken by BTC supporters.”
Encountering A World Of Debt
The existing generational rift has already formed a major topic of debate in the Bitcoin world. Saifedean Ammous explains in his popular book, “The Bitcoin Standard” that even Baby boomers were more likely to save for the future compared with the current generation.
Financial mismanagement by central banks and governments has encouraged citizens to spend and borrow rather than saving. Thus, debt characterizes modern-day finances to a huge extent more than it did 60 years ago.
This situation arose due to a shift from low time preference to high time preference. Instead of saving for the future and being convinced that wealth will buy more, they spend as fast as possible before the money depreciates. Ammous himself summarized in 2018:
“Low time preference generations produce prosperity, which produces high time preference generations, who bring ruin, which produces low time preference generations.”
Bitcoin may soon become a decentralized form of hard money and in that case, it firmly rejects the trappings associated with fiat-based economics.