The bullish market has elevated the crypto community’s spirit. Ryan Selkis, CEO of Messari, was quick to voice his bullish BTC price prediction.
BTC, as well as a dozen other cryptocurrencies, are surging. In the past seven days, BTC’s alone has increased by 34%. While the reasons for this sudden surge remain as cryptic as the currency itself, the occurrence has once again paved the way for its future predictions.
According to Ryan Selkis, CEO of the cryptocurrency research firm Messari, BTC’s price is set to rise even higher, eventually reaching $50,000. Why? In fact, Selkis provided a reason which is more than the average “because.” He points out that in the next 20+ years millennials will start inheriting funds from their parents. If at least 1% of that money ends up on the crypto market, “crypto will be a multi-trillion dollar asset class.” Thus he makes the conservative case for $50k+ BTC.
There's a $30 trillion "great wealth transfer" expected in the next 20+ years (millennials inheriting money from their parents).
If 1% of that goes into cryptocurrencies, crypto will be a multi-trillion dollar asset class.
That's the conservative case for $50k+ bitcoin.
— Ryan Selkis (@twobitidiot) March 28, 2019
Mati Greenspan, a senior market analyst for cryptocurrency trading and social platform eToro, supported Selkis’s view. He said:
“The current market cap of bitcoin is around $73 billion. If an additional $300 billion were to flow into bitcoin than it could easily increase the total market cap by 10 to 20 times the incoming capital.”
Having second thoughts?
Overall, Selkis opinion is sound and is arguably better substantiated than any of those expressed by Michael Novogratz or John McAfee. But there is a great deal to consider in this case. And the commenters brought up the potential critique,
For instance, what will the millennials really inherit, given the current culture of debt? Will they, in fact, manage to get at least something — or will they be left penniless? Matt Harrop was among those who asked this question.
This is never going to happen. They're going to spend it all, reverse mortgage their houses and then die in debt. That's how they lived, why would they change now? I'm not complaining, it's their money, they can do what they like with it.
— Matt Harrop (@meanderto) March 28, 2019
Even if the millennials manage to inherit funds, there is no guarantee that this factor will drive BTC’s price up. At the end of the day, many other circumstances, including the launch of the FB coin and the J.P. Morgan coin, might either boost its value or decrease it.
For the time being, it is important that BTC gains as much as possible in order to boost investors’ confidence. The latter is crucial after the dramatic 2018 downward spiral.
To read more about BTC’s surge make sure to check out this article.