Recently, Sustany Capital, a blockchain and cryptocurrency investment firm conducted a study wherein it found that millennials are highly inclined towards Bitcoin and other cryptocurrencies despite the masses not showing much interest in the space. Moreover, the survey also stated 88% of American Millennials want to invest in cryptocurrencies.
Earlier, Finder.com also published a report where the statistics show that 17% of all cryptocurrency ownership was claimed by the Millennials. According to a recent survey, out of the 2,001 American adults involved, Baby Boomers contributed to just 2% while, Gen X comprised of 9%.
The study done by Sustany Capital talked about the possible percentage of Millennials who want to add cryptocurrencies to their portfolio. A total of 1,000 American adults were chosen as the sample for the study. A portion of them also claimed that cryptocurrency could be a sort of saving for them.
When it comes to Initial Coin Offering [ICO], the later generations, namely, the Millennials and Gen Z believe them to be the most significant factor in the space. On the other hand, technology is the key according to Gen X and Baby Boomers.
Christian Kameir, who is the managing partner of Sustany Capital, about blockchain technology and the cryptocurrency space also stated:
“To understand cryptocurrencies, you must first understand blockchain technologies. Blockchain technology–not cryptocurrencies–will impact most industries in profound ways.”
Of all the adults surveyed, 25% had very little knowledge on the subject of blockchain technology.
Events such as college students using funds from their student financial aid to invest in Bitcoin and other cryptocurrencies have also been reported previously.
In March, The Student Loan Report conducted a survey where it was revealed that over 21% of current [at the time] college-going students put their student aid funds into cryptocurrency investments, despite carrying loan debt. The report also stated:
“This can be especially risky for students who are using private student loans for this as these loans have higher interest rates and harsher repayment terms as compared to federal student loans.”
Forbes had also reported that Millennials invest in cryptocurrencies to save for retirement funds. This comes after a report by the National Institute on Retirement Security [NIRS] found that 95% of Millennials in America do not have a proper plan for their future savings.
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Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021
The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.
According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.
Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,
“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”
Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,
“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”
Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,
“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”
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