Baby boomers next to jump into crypto, Galaxy Digital's Novogratz predicts

By Anna Irrera and Tom Wilson LONDON (Reuters) - Wealthy baby boomers will be the next generation to jump into cryptocurrencies as they become more mainstream, potentially bringing billions of dollars to the rallying sector, said Mike Novogratz, founder of crypto firm Galaxy Digital.

Reuters March 26, 2021 00:06:33 IST
Baby boomers next to jump into crypto, Galaxy Digital's Novogratz predicts

Baby boomers next to jump into crypto Galaxy Digitals Novogratz predicts

By Anna Irrera and Tom Wilson

LONDON (Reuters) - Wealthy baby boomers will be the next generation to jump into cryptocurrencies as they become more mainstream, potentially bringing billions of dollars to the rallying sector, said Mike Novogratz, founder of crypto firm Galaxy Digital.

"It could be as much as a trillion dollars comes over the next year from that giant group of wealth," said Novogratz, who used to run hedge funds for investment giant Fortress, in an interview at Reuters Digital Assets Week.

Moves by major banks and trading platforms to begin offering cryptocurrency products to rich customers will likely spark the rush from wealthy baby boomers, Novogratz predicted.

Morgan Stanley this month become the first big U.S. bank to offer its wealthy clients access to bitcoin funds, including Galaxy Digital.

"The money will start coming in early next month," he said of the Wall Street bank's move.

Baby boomers, born roughly from the end of World War Two to the mid-1960s, have been the chief beneficiaries of massive stimulus programmes that have pumped up asset values since the 2008-9 global financial crisis.

Bitcoin powered to a record of nearly $62,000 this month, the latest milestone in a meteoric rise driven by growing adoption from major companies such as Tesla Inc and the embrace of bigger U.S. investors.

Yet most of the interest has so far come from younger investors comfortable with the concept of digital assets.

Many of them see bitcoin both as an asset that can dramatically appreciate in value and also one that can protect savings from the threat of inflation sparked by money printing.

Bitcoin, originally designed as a way to pay, is less of a currency than an asset that works best to store value, said Novogratz, a vocal proponent of cryptocurrencies.

"If you're worried that the U.S. is printing too many dollars...you're going to shift some of your savings into bitcoin."

(Reporting by Anna Irrera and Tom Wilson; Editing by Emelia Sithole-Matarise)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.