Massive fiat-to-bitcoin wealth transfer ongoing, Gen Zs and Millennials severely underrepresented ⋆ ZyCrypto
It may not have been hammered that the Bitcoin revolution has fully begun, but it did and 2020 perfectly reflects what we can call the active transfer of wealth from one generation to another via Bitcoin. Generation-to-generation wealth transfers are already at play, but the transfer of wealth from fiat currencies to crypto assets has intensified this year. Large collaborations have an unfair advantage because of their founders, who mostly fall into the baby boomer category. This generation benefited from an apparently smoother economic structure than subsequent generations, so the speed at which they can transfer their wealth from fiat to a safe haven like bitcoin is expected.
The greatest wealth transfer in human history is taking place right before your eyes. #Bitcoin
– MMCrypto (@MMCrypto) December 13, 2020
Two of the most important generations in Bitcoin ownership are back
This year, the highest cryptocurrency purchases have been made by institutions run by baby boomers, and ironically, the other half of this generation is behind the current global monetary system, which still prioritizes fiat currencies like USD and Euro, etc.
Millennial and Generation Z opinions are rightly mixed. Cryptocurrency is the disruptive technology of both generations, and historically each generation spearheads the dominance of these technologies and uses them to their advantage.
Baby boomers get the biggest piece of the pie
For Generation Z and Millennials, two generations who own less than 5% of that wealth according to a CNBC report, the odds are massively against them. Unfortunately, it is not enough to have a strong understanding of the importance and impact of cryptocurrencies and also to be the generation that has to take care of whatever remains of the unreliable global economic structure that has plunged various economies into multiple recessions over these generations among the greatest beneficiaries of the Bitcoin monetary system.
Baby boomers, who appear to control most of the world’s wealth – over 53% – are the most preferred on the spectrum. This generation has greater purchasing power due to the generational wealth. They are free to shop and withdraw as they please as the financial risks (in terms of losses) are lower for them.
However, the unknown but promising future of cryptocurrency makes it likely that Millennials and Gen Zs will get their share of the pie, although it is likely in Bitcoin’s “second phase”. As control of wealth shifts and these generations become owners of significant wealth, Bitcoin may already have established its role as the premier global asset, and whatever the outcome, the last two generations will capitalize on what it gets is left. Analytically, the future of Bitcoin is believed to be of great value.