The research team at the crypto exchange Kraken says Bitcoin (BTC) is set to shatter $350,000 – but it’s not likely to happen anytime soon.
By crunching the numbers on how many Millennials are expected to invest in BTC, researchers set their target date for a $350,000 BTC price at the year 2044.
“Assuming a 5% investment allocation and a 2% inheritance tax, by 2044 Gen X and Millennials could invest an estimated $971 billion into Bitcoin as they inherit wealth. World investment could make this figure much higher.
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.
Relative to marginal supply, the implied price of Bitcoin in 2044 would be about $350,000 (assuming the $971 billion investment).”
Kraken points to a 2019 survey from Blockchain Capital in which 42% of respondents between 18-34 said they will likely buy Bitcoin over the next five years. By comparison, only 8% of respondents 65 and over said they plan to buy BTC.
The research team notes that its report should not be the basis for making investment decisions or be construed as an investment strategy or recommendation to buy assets.
You can check out the full report here.