Galaxy Digital CEO Mike Novogratz predicts that as wealthy baby boomers enter the era of cryptocurrency, as much as $1 trillion will flow into Bitcoin next year. He said that taking Morgan Stanley as an example, more and more banks will begin to provide Bitcoin exposure to their customers.

$1 trillion may flow into Bitcoin

A longtime Bitcoin bull, Michael Novogratz, the founder of Galaxy Digital, talked about the future prospects of Bitcoin in an interview last week at Reuters Digital Assets Week. He explained that as cryptocurrencies become more and more mainstream, affluent baby boomers will become the next generation entering cryptocurrencies, and elaborated:

Next year, the wealth from this huge wealth group may be as as one trillion U.S. dollars.

After Morgan Stanley announced that it is offering its wealthy clients the opportunity to use bitcoin funds, Novogratz predicts that other major banks and trading platforms will follow suit. He that this is likely to trigger an influx of wealthy baby boomers.

With the help of the new product, Morgan Stanley will become the first large bank in the United States to provide Bitcoin investment to wealth management clients. Two of the three Bitcoin funds that will be provided initially are provided by Galaxy Digital: Galaxy Bitcoin Fund LP and Galaxy Institutional Bitcoin Fund LP. Commenting on the actions of major investment banks, Novogratz said:

The money will at the beginning of next month.

Galaxy Digital’s executives are not alone in expecting the baby boomers to invest heavily. Recently, JMP Securities predicted that approximately $1.5 trillion in funds may flow into Bitcoin from wealthy customers of investment banks. The company’s forecast is based on a moderate portfolio allocation, and pointed out that “at present, about 30 trillion US dollars of assets in the US retail wealth management industry cannot directly use Bitcoin.”

See also  U.S. Senator Lummis buys more bitcoins and sees BTC as an "excellent store of value" – Featured Bitcoin News

Regarding whether Bitcoin is becoming mainstream, Visa CEO Al Kelly recently stated that he expects the cryptocurrency to become “extremely mainstream,” and his company is already working to allow 70 stores to use Bitcoin for payments. . Other companies, such as Goldman Sachs, have also seen huge demand for BTC from institutions, while Deutsche Bank stated that cryptocurrencies are too important to be ignored.

Baby boomers are babies born approximately from the end of World War II to the mid-1960s. Since the global financial in September 2008, they have been the main beneficiaries of large-scale stimulus plans that have dramatically increased the value of assets. Many of them believe that Bitcoin is an asset that can significantly increase its value and can protect their savings from inflation stimulated by large-scale money printing.

Novogratz pointed out that Bitcoin is most suitable as a store of value rather than currency or a means of payment. It that:

If you are worried that the U.S. prints too many dollars… you will transfer some of your savings to Bitcoin.

Do you agree with Mike Novogratz’s views on Bitcoin? Let us know in the comments section below.

Picture Credits: Shutterstock, Pixabay, Wiki Commons

: This article is for reference only. It is not a direct offer or solicitation of an offer, nor is it a recommendation or endorsement of any product, service or company. does not provide investment, tax, legal or accounting advice. The company or the author shall not bear any direct or indirect responsibility for any damage or loss caused or allegedly caused by using or relying on any content, goods or services mentioned in this article or related thereto.

See also  If the reliance on the transaction fails in the case of Amazon's bid blocking agreement, the retail industry will enter liquidation in the future