Galaxy Digital founder Mike Novogratz believes that $1 trillion dollars are about to be injected into the crypto sector.
In a Reuters Digital Assets Week interview, Novogratz says that as traditional financial institutions begin to offer cryptocurrency products, Baby Boomers, or those currently between 55 and 75 years old, could start dabbling in the space in April.
“It could be as much as a trillion dollars comes over the next year from that giant group of wealth… The money will start coming in early next month.”
The former hedge fund manager says Bitcoin is especially enticing for people who are concerned about the consequences of the growing money supply.
“If you’re worried that the US is printing too many dollars…you’re going to shift some of your savings into Bitcoin.”
Novogratz’s prediction echoes that of digital asset titan Grayscale Investments, which foresees a massive generational transfer of wealth hitting the cryptocurrency market. While Novogratz sees Baby Boomers putting their money directly into the crypto markets, Grayscale predicts that when the younger generations inherit their wealth, large swaths of that money will inevitably end up being invested in cryptocurrency.
“Approximately $68.5 trillion in assets are expected to be handed down from Baby Boomers to Gen X and Millennials in the next 25 years, AND multiple studies show these younger generations are much more likely to invest in digital currencies. The math on that one isn’t hard!”
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