The CEO of investment firm Morgan Creek Capital says the digital asset industry will be flooded with hundreds of billions of dollars coming from the baby boomer generation.
In a new interview with crypto influencer Scott Melker, Morgan Creek Capital CEO Mark Yusko says he expects asset managers managing funds for boomers to pour $300 billion into the crypto space within the next 12 months.
“We have a pretty significant shift in demand and it hasn’t fully played out yet, in fact it hasn’t even come close to a full shift…
I think we’re already a few months into the ETFs (exchange traded funds) over the next twelve months, and we’ve gotten about 10% of what I think is coming into this space from the registered investment advisors who control all the money of the boomers.
So the boomers did that too [about] $30 trillion with these financial advisors… There’s going to be $300 billion, I believe – that’s 1% of the $30 trillion – that’s coming into this space. That’s actually more money than has ever been converted into Bitcoin in 15 years. That is something very amazing.”
According to Yusko, adding $300 billion to the crypto king, due to Bitcoin’s (BTC) multiplier, which according to the executive is around 20x, would increase its market cap by $6 trillion.
“So $300 billion would add $6 trillion in market cap.”
Bitcoin is trading at $64,920 at the time of writing, down 2.5% over the past 24 hours.
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