The co-founder of cryptocurrency hedge fund Morgan Creek Digital, Mark Yusko, says Millennials will forever change the financial landscape after inheriting trillions of dollars from their parents.
In a new interview with podcaster and analyst Preston Pysh, Yusko cites data from Deloitte that shows $37 trillion is set to be passed down to Millennials, who are avid adopters of digital technologies and currencies like Bitcoin and Ethereum.
“My generation is going to transfer $37 trillion to the Millennials. $37 trillion. And it isn’t going to be invested in IBM stock, it isn’t going to be invested in government bonds, it isn’t going to be invested in even Tesla. It’s going to be invested in DeFi, it’s going to be invested in Bitcoin, it’s going to be invested in Ethereum…
It’s going to be the greatest wealth creation we’ve ever seen in the world.”
Yusko says the differences between the new generation and their parents are stark.
By and large, he says the older generation will continue to use traditional brokers like Merrill Lynch, own gold, and view Bitcoin with skepticism.
Meanwhile, Millennials are on an entirely different page, says Yusko, setting the stage for a wave of crypto asset adoption and a generational shift away from precious metals.
“Ask anyone under 35 – who’s your broker? [They’ll say] what do you mean? I got Robinhood… [Ask them] how much gold do you have? [They’ll say] are you kidding me? The pet rock? Are you kidding me?
[Ask them] how much Bitcoin do you have? [They’ll say] I don’t want to talk about it. Why not? Because it’s a really big percentage of my net worth. So, that divide is going to get exacerbated.”
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