Cryptocurrency is often referred to as the currency of the future and there are many reasons for that. Besides the fact that it is one of the most technologically advanced forms of payment, it is also greatly embraced by the younger generation who will be the dominant population in the future. It is a running joke that older people do not understand cryptocurrency but the younger ones are eager to embrace it and should cryptocurrency move into the next phase of acceptance it needs, it will likely be pushed by the younger generation.
It seems this younger generation will have a lot of money to invest in cryptocurrency as it is estimated that millennials will inherit roughly $70 trillion worth of value from the baby boomers by the year 2045.
This information comes via a report which states that the upcoming bitcoin-friendly generation will inherit an amount in savings from baby boomers which is three times the US GDP. As the baby boomer generation retires and ages, they will pass on a lot of the savings to the younger generation- one much more open to the idea of cryptocurrency. The boomers themselves are not as there is a popular online trend called #OKBoomer which highlights the differences between that generation and the current one.
That generation is more supportive of traditional financial investments and less of new concepts such as cryptocurrency. It is estimated that roughly $68.4 trillion will transfer to millennials, generation Z and post-millennials over the next few decades. It should be noted at those in the age group of 25 to 35 makeup roughly half of all bitcoin users and as this demographic receives more money via inheritance, more money will likely find its way into the crypto industry.
This generational shift and incoming passage of wealth will set the stage for the financial industry across the next few decades and this goes just beyond cryptocurrency. As wealth changes hands, the industries that receive this inflow of money will also change due to generational tastes and preferences.