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The chief executive of investment firm Morgan Creek Capital says that the digital asset industry is set to be inundated by 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 that within the next 12 months, he expects asset managers who manage funds for boomers to put $300 billion into the crypto space.
“We have a pretty significant demand shift and it hasn’t fully played out, in fact it hasn’t even come close to fully playing out…
I believe in the next 12 months-ish, we’re a couple of months into the ETFs (exchange-traded funds), and we’ve gotten about 10% of what I believe is coming into this space from the registered investment advisors who control all the boomers’ cash.
So the boomers have [about] $30 trillion with these financial advisors… There’s gonna be $300 billion, I believe – that’s 1% of $30 trillion – that comes into this space. That’s actually more money than has ever been converted to Bitcoin in 15 years. That’s a pretty amazing thing.”
According to Yusko, due to Bitcoin’s (BTC) multiplier, which the executive says is sitting around 20x, $300 billion being added to the crypto king would raise its market cap by $6 trillion.
“So, $300 billion would add $6 trillion of market cap.”
Bitcoin is trading for $64,920 at time of writing, a 2.5% dip during the last 24 hours.
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