Boomers invest $300 billion into crypto markets – Morgan Creek Capital
Mark Yusko, CEO of Morgan Creek Capital, predicts that the trillions of dollars of baby boomer wealth will see significant inflows into the crypto market as they look to dive into digital assets.
In an interview with the Wolf Of All Streets podcast, Yusko discussed how the introduction of Bitcoin (BTC) exchange-traded funds (ETFs) and increased demand from registered investment advisors has led to a significant shift in demand. But the full impact is yet to be realized. According to Yusko:
“I believe there will be $300 billion — that's 1% of $30 trillion — coming into this space. [within 12 months]. That's actually more money than ever. [been] Converted to Bitcoin in 15 years. It's amazing.”
Yusco predicted that capital flows from baby boomers — those born between 1946 and 1964 — through retirement accounts managed by advisers. According to the Investment Advisors Association, American financial advisors in 2010 By 2022, they managed $114.1 trillion in assets.
“We've been in ETFs for three months, and we've got about 10% of the registered investment advisors coming into this space,” Yusko added, adding that the flow could push the crypto market capitalization to $6 trillion.
“I was just saying this would be the best Thanksgiving ever, right? It's no longer ‘you're not even because you're the crypto person in the family,'” the executive commented on the expected rise in social cryptocurrencies in America.
Spot Bitcoin ETFs were approved by the United States Securities and Exchange Commission in January, 10 years after the initial application by the Winklevoss twins. Wall Street giants BlackRock, Fidelity and VanEyck, among others, led the first approved group. According to data from BitMEX Research, Bitcoin ETFs were worth more than $53 billion as of April 24.
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