Bitcoin and crypto have rocketed higher over the last year, with Harvard economist Kenneth Rogoff admitting he got bitcoin wrong ten years ago, warning a coming dollar “crisis” could propel crypto higher.
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The bitcoin price hit an all-time high of $124,000 this month before crypto market crash fears sent it sharply lower—while traders warned they were seeing other “market top” signs.
Now, as Elon Musk confirms his “only” crypto, the bitcoin price and crypto market has been primed for $20 million to $28 million of daily buying pressure as part of $84 trillion set to pass from U.S. Baby Boomers to younger heirs by 2045.
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U.S. president Donald Trump has legitimized bitcoin and crypto as an asset class, sending the bitcoin price sharply higher as crypto braces for a $84 trillion wealth transfer.
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“As Baby Boomers, who collectively control more than half of the global
wealth, age and begin to pass on their estates, an estimated $84 trillion is
expected to change hands in the United States alone by 2045,” analysts with crypto friendly Xapo Bank wrote in a report, citing research from Vanguard.
“Globally, this figure reaches approximately $10.6 trillion by 2030 in the U.S., $3.5 trillion in Europe, and $2.8 trillion in Asia.”
Xapo researchers went on to predict the so-called “great wealth transfer” will lead to the creation of new “bitcoin dynasties,” families like the Rockefellers or Rothschilds who build up generational wealth.
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The bitcoin price has surged to an all-time high price of $124,000 per bitcoin this month.
Forbes Digital Assets
“A defining outcome of the digital asset revolution is the emergence of “bitcoin dynasties”—families and individuals whose multigenerational wealth is rooted in cryptocurrency holdings,” the Xapo report authors wrote.
“These modern dynasties are drawing comparisons to legacy wealthy families such as the Rockefellers or Rothschilds. Unlike traditional sources of wealth based in land, industrial enterprise, or equities, these dynasties are building and preserving their fortunes on the decentralised rails of blockchain technology.”