According to a panelists at this year’s BlockShow summit in Singapore, a generation beleaguered by student debt, low pay, and a lack of savings can rewrite their financial narratives using Bitcoin and cryptocurrency. The panel discussed Millennials’ impact on the future of digital assets. The penal featured Aya Kantorovich of FalconX, Zac Prince of BlockF, and Grayscale’s Michael Sonnenshein. The takeaway from the summit was that the Millennial generation would boost bitcoin adoption.
BlockFi CEO identified three major Bitcoin adoption trends.
During the discussion, BlockFi CEO Zac Prince identified three major Bitcoin adoption trends that are inextricably linked to Millennials and younger investors. He noted that the ongoing wealth transfer from Baby Boomers to the young via inheritances, the growth of alternative assets, and shifting preference for everything digital. According to data provider Preqin, alternative assets under management topped $10 trillion globally in June, up more than 55% from 2013. Although much of that shift has occurred at the institutional level, Millennials will play an increasingly vital role in this market.
Zac Prince expects crypto to grow as a share of that alternatives bucket.
The BlockFi CEO said that he expects crypto to grow as a share of that alternatives bucket. “Crypto-invested Millennials is an insanely valuable group, and these are people who were ahead of this trend,” he added. According to him, it’s only a matter of time before more financial institutions create onramps to serve these demographics. Aya Kantorovich, head of institutional coverage at FalconX, said that it’s really a question of accessibility. While less bullish on current Millennial trends, Kantorovich said that her firm had seen a large influx of retail-facing aggregators and payment providers that “need good liquidity,” which is a clear indicator of growing adoption at the consumer level.