The founder of Galaxy Digital, Mike Novogratz, said $1 trillion would soon be injected into the crypto space. Novogratz said that the inflow would come from Baby Boomers, adults between 55 and 75 years of age. According to him, moves by traditional financial institutions to offer crypto products will trigger Baby Boomers’ involvement in the cryptocurrency market. Speaking further during an interview with Reuters Digital Assets Week, Novogratz added that “the money will start coming in early next month.”
As stated in a Reuters report, many of the Baby Boomers view Bitcoin as a hedge against inflation sparked by a rush in money printing. Novogratz added:
“If you’re worried that the US is printing too many dollars… you’re going to shift some of your savings into bitcoin.”
In October last year, digital assets manager Grayscale predicted that about $68.5 trillion in assets would be transferred from Baby Boomers to Gen X and Millennials in the next 25 years.
At press time, Bitcoin is up 1.91% to $58,758.71.
The leading cryptocurrency recently reached its all-time high of nearly $62,000. The spike can be attributed to several factors, including increasing institutional demand and Tesla’s $1.5 billion investment in the king coin.
