Bitcoin Price Analysis: BTC Price to Hit $350,000 By 2044
According to a recent report, Milennials’s inheritance Wealth can push Bitcoin price to $350,000 by the year 2044. The report which was published by a US-based cryptocurrency exchange revealed that the younger generation will soon inherit trillions of dollars that they would invest in Bitcoin and other crypto-assets since they are more tech-inclined.
Much Wealth Coming into the Hands of Younger People
A recent study conducted by a US-based cryptocurrency exchange revealed that most of the US wealth will change hands in the coming years. According to the report, more than $68 trillion will shift ownership. The report said the older population will take at least $38 trillion while the remaining $30 trillion will go to the young people.
The report also reiterated that there is a significant difference between investment decisions the older population and the young generation makes. The report classified the older population as people born between the early 60s and the late 70s. These groups of people prefer more fundamental investment options than Millenials. This is because they have seen the economic turmoil of the 80s, the dotcom bubble burst and the global economic crisis of 2008.
Meanwhile, the Millennials born between the 1980s and 1990s remain as the first digitally native generations. Young people prefer fast-moving, transparent and convenient investment options since they remain ever connected to the internet. This group is keen to invest in modern technologies like digital assets such as Bitcoin.
Envisioning Bitcoin at $350,000 by 2044
According to the report, there will be a massive flow of wealth into Bitcoin due to the increased rate of adoption of innovation tech. Other factors the report held constant is the increased rate of wealth inheritance by tech incline population and the subsequent high allocation of wealth to Bitcoin by the year 2044.
Other assumptions made in the report is the increased rate of future investment due to preferences and inheritance tax. The report estimated that if all the above assumptions are met, young people could invest up to 5 percent of their wealth in Bitcoin. Doing the math the report explained that after deducting a 2 percent inheritance tax the investment figure would stand around $1 trillion by the year 2044.
The increased investment in Bitcoin would drive the cryptocurrency price to a maximum of $350,000 in 2044, the report stated. However, the estimations were all based on the rate of inheritance within the United States with no considerations taken for the rest of the world. Therefore any positive gestures from any other country other than the US could increase the predicted figures.