New ‘Rockefellers Or Rothschilds’—Bitcoin Is Quietly On The Brink Of A Huge $84 Trillion Crypto Price Earthquake
Bitcoin and crypto have rocketed higher over the last year, with Harvard economist Kenneth Rogoff admitting he got bitcoin wrong ten years ago and warned 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.”
The report pointed to research that showed younger generations are more likely to invest in bitcoin and crypto than older generations.
“Numerous surveys measuring crypto adoption across generations find that these younger generations have at least 3x higher adoption or acceptance rates of crypto compared to Baby Boomers,” Charles Yu, vice president of research at Galaxy Digital, wrote in 2023.
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 though bitcoin and crypto.
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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.”
The bitcoin price boom since bitcoin crashed to a recent low of $16,000 in 2023 has been driven by huge adoption of crypto on Wall Street, led by the world’s largest asset manager BlackRock and its $83 trillion spot bitcoin exchange-traded fund (ETF).
U.S. president Donald Trump’s embrace of bitcoin and crypto has further supported the market over the last year.
On the campaign trail before retaking the White House, Trump pledge to create a U.S. strategic bitcoin reserve similar to the U.S. gold reserve as well as a broader crypto stockpile, ordering their creation in April.