With the eagerly anticipated launch of a plethora of U.S. spot bitcoin exchange-traded funds (ETFs), bitcoin has surged back to its all-time high of nearly $70,000 per bitcoin—a surge that may only be beginning following bitcoin’s “IPO moment.”
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Since plunging to a record low of $15,000 per bitcoin in late 2022, the price of bitcoin has increased by about 350%, giving rise to wild speculations about a “secret sovereign” bid and the purchase of bitcoin by a tech billionaire.
A recent report has revealed that bitcoin-loving Millennials are set to inherit $90 trillion of assets and become the richest generation in history, which some believe could have “big implications” for bitcoin, just as traders prepare for a “big move” that will “astonish everybody.”
The Wealth Report, a recurring publication from international real estate consultant Knight Frank, projects that over the course of the next 20 years, older generations will transfer their wealth to Millennials.
According to Liam Bailey, global head of Knight Frank’s research department, “the shift will see $90 trillion of assets move between generations in the U.S. alone, making affluent millennials the richest generation in history.”
“The transfer takes place in the midst of profound shifts in the ways that wealth is utilized. Anybody hoping to sell goods or services to this newly affluent demographic will need to significantly reevaluate their marketing tactics due to the outlook gaps between younger and older generations.”
BlackRock, the largest asset manager in the world, has spearheaded a traditional finance push into bitcoin amidst this historic wealth transfer. Since its launch in January, its spot bitcoin ETF has taken Wall Street by storm. BlackRock manages approximately $10 trillion on behalf of its clients.
The Block data indicates that the new U.S. spot bitcoin ETFs’ cumulative trading volume is quickly approaching $100 billion.
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