Report: $68.4 Trillion Tidal Wave Coming for Bitcoin – BTC, XRP, Ripple, Litecoin Newsflash
From a new generation’s affection for Bitcoin to an institutional partnership for Litecoin, here’s a look at some of the stories breaking in the world of crypto.
A new report from the digital asset manager CoinShares suggests a massive transfer of wealth is set to benefit Bitcoin.
According to the firm, about $68.4 trillion in wealth owned by baby boomers and the silent generation will be handed down to Millennials and Generation X over the next 25 years. And Millennials’ investing habits appear to be quite different than their forefathers.
CoinShares highlights a survey from Blockchain Capital that shows significant portion of respondents would rather own Bitcoin than government bonds, stocks, real estate and gold.
The institutional asset manager Grayscale also points to the huge shift in wealth as a potential boon for BTC.
The firm says it’s impossible to tell just how much capital may flow into Bitcoin, but managing director Michael Sonnenshein says he believes there’s no doubt the leading cryptocurrency is resonating with a millennial audience.
A separate study from Charles Schwab found Millennials are choosing to buy Grayscale’s Bitcoin-backed trust (GBTC), over Netflix, Disney, Microsoft and Warren Buffett’s Berkshire Hathaway.
Ripple and XRP
The senior director of talent acquisition at Ripple says the company is looking for a new senior software engineer.
The position, based in London, is designed to help the company “build the next generation of payment applications that enable banks to instantly settle cross-border payments to create the internet of value.”
Ripple doesn’t explicitly state whether the new engineer will build on the XRP Ledger, but the company says the position will focus on creating new solutions to help banks execute settlements in seconds.
— Jim Chauncey-Kelly (@JChaunceyKelly) January 3, 2020
The Litecoin Foundation says it’s partnering with the crypto custody giant BitGo.
In February of 2019, BitGo announced comprehensive insurance protection for its custodial assets for up to $100 million through Lloyd’s, the world’s specialist insurance and reinsurance market.
— Litecoin Foundation (@LTCFoundation) January 3, 2020
Litecoin creator Charlie Lee recently said the Foundation has a total of about $200,000 in assets.