Bitcoin could hit $50,000 because of the "great wealth transfer"

02 Apr, 2019 | Updated: 02 Apr, 2019
by Richard Allen
News
Bitcoin could hit $50,000 because of the great wealth transfer

Ryan Selkis, founder and CEO of cryptocurrency research firm Messari, recently posted on Twitter that Bitcoin could climb as much as 1,000% to $50,000 as Millenials inherit the wealth of the Baby Boomers.

Over the next few decades, Millenials stand to receive $30 trillion from their parents in something Selkis refers to as the “great wealth transfer.” He states that if just 1% of that flows into cryptocurrencies, “crypto will be a multi-trillion dollar asset class.”

“That’s the conservative case for $50k+ bitcoin,” he adds.

Read more: 'Bitcoin to $4300 means false breakout, Litecoin could swing to $116'

As Forbes reports, this isn’t an unrealistic figure. Mati Greenspan, senior analyst at eToro stated "The current market cap of bitcoin is around $73 billion. If an additional $300 billion were to flow into bitcoin than it could easily increase the total market cap by 10 to 20 times the incoming capital."

Mati Greenspan recently sat down with Bloomberg to discuss Bitcoin’s sudden push to $5,000. According to the analyst, Bitcoin’s surge was a technical move. Greenspan referenced the 200-day moving average line, stating that it became increasingly clear that one BTC broke through $4,200, we’d see a price pump.

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Read more: Analyst on Bitcoin: 'Was a technical move, lots of entry orders at $4200'

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Read more about: Bitcoin (BTC)

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