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Data Suggests Bitcoin Price Will Rise as Investor Demographics Shift

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Bitcoin (BTC) has been trading sideways for around a month now and is being outperformed by several other altcoins like Ether (ETH) and Chainlink (LINK). The cryptocurrency also hit the lowest levels of volatility since November 2018. 

Moreover, Bitcoin’s trading volume in it’s USDT and USD pairs has decreased by 56% and 44%, while global crypto trading volumes in June are down by 49.3% as well, according to CryptoCompare.

While some point to these key factors as the start of a downtrend in Bitcoin price, there are still a few bullish scenarios to look out for. A recent report by Stack Funds found that a shift in investor demographics may soon bring the price of Bitcoin to new highs. 

Utilizing data from Coindance, the report found that 50% of Bitcoin investors are millennials. Given that wealth transfer between generations is happening at a faster rate, Stack Funds believes millennials’ newly-found financial freedom may lead this younger generation of investors to put heavy buy pressure on Bitcoin. 

The report reads:

“As the millennial generation enters into the peak age of investment maturity, we believe this tech-savvy group would propel the significant shift in investors demographics, in turn, increases the propensity of bitcoin investments.”

Bitcoin ownership by age group

Bitcoin ownership by age group. Source: Stack Funds

Are Boomers buying Bitcoin?

The report also points to growing interest in Bitcoin and digital assets among other generations, a phenomenon which can further cement Bitcoin’s position as an investment asset class. 

According to a survey of Canadian citizens, ownership among baby boomers (56-76 years old) has recently tripled. Similar results were found in a recent research paper by the UK Financial Conduct Authority (FCA), which found that Bitcoin ownership by people above 35 years old increased significantly. 

The shift in investment power to newer generations, and the growing interest in Bitcoin for older investors, could help push Bitcoin price to new heights. However, institutions will also play a significant role as they could provide the most accessible on-ramp for new retail and institutional investors to invest in Bitcoin. 

According to the report: 

“In our conservations with investors, we noted that part of this buying pressure reflects parents from gen X and baby boomers who are looking to invest long term for their children’s future.”

Currently, there is no shortage of options for institutions of all sorts to get involved and the same can be said for those looking to invest their retirement in BTC.

Younger investors are drawn to socially responsible investments

A recent survey from Morgan Stanley showed that over 80% of investors are looking to invest in a socially conscious manner, meaning, they prefer to put their money into projects that can create a positive impact on the world and society.

Along with their greater aptitude for technology, millennials also display an increased concern around social issues like discrimnation, climate change, and possibly financial inclusion may soon become one their points of focus. 

Given the potential of cryptocurrency to address many of the issues millennials find problematic with the current financial industry, investing in Bitcoin as a new asset class ticks all the right boxes.

Source: https://cointelegraph.com/news/data-suggests-bitcoin-price-will-rise-as-investor-demographics-shift

Blockchain

A senior BOJ official says the digital yen needs public support for it to become a reality.

According to the Bloomberg report, a senior Bank of Japan’s official said that there is no final decision has been made yet even after the announcement of testing to start next year. The official revealed that a lot depends on the public support for it to go ahead with its central bank-backed digital currency. Kazushige […]

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A senior BOJ official says the digital yen needs public support for it to become a reality. – Coinnounce




























The central bank of Japan’s move to launch a digital currency would be conditional on public support, according to a senior BOJ official.


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Source: https://coinnounce.com/bank-of-japan-official-says-cbdc-needs-public-support/

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Japanese soccer star Keisuke Honda launches his own crypto

Crypto and blockchain matter for the global soccer community.

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A Japanese professional soccer player is launching his own cryptocurrency to boost fan engagement.

Keisuke Honda, former Japan midfielder and currently a captain of the Brazilian professional league team Botafogo, has launched his own token to build new connections with his fans, Cointelegraph Japan reported on Oct. 22.

The so-called “KSK Honda Coin” was launched on Thursday via Rally.io, a blockchain platform for creating video streaming and gaming applications. The new coin is intended to enable fans to interact with Honda.

Holders of KSK Honda token will be able to get exclusive content from Honda as well as interact with the player via private channels on Discord. “We decided to create a social token to build new connections with our most loyal fans,” Honda said.

The world-known soccer player said that the new token will allow him to connect with fans in a more open manner, providing a 100% transparency in knowing who holds coins in the fan community.

The global soccer community is moving deeper into the crypto and blockchain industry in search of new ways of connecting stars with their fans.

On Oct. 15, a top soccer club in Russia’s Premier League — Zenit St. Petersburg — signed on to the blockchain-based gaming platform Sorare to issue collectible and tradeable digital cards. In September 2020, Italian professional sports club SS Lazio signed a multiyear deal with crypto trading platform StormGain, enabling new fan engagement options through crypto.

Source: https://cointelegraph.com/news/japanese-soccer-star-keisuke-honda-launches-his-own-crypto

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Grayscale invests $300m in a day to grow its crypto portfolio

Grayscale Investments continues to grow its cryptocurrency portfolio by adding $300 million in assets…

The post Grayscale invests $300m in a day to grow its crypto portfolio appeared first on Coin Journal.

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Grayscale Investments continues to grow its cryptocurrency portfolio by adding $300 million in assets under management (AUM) in a day

Grayscale Investments revealed that it had added $300 million worth of cryptocurrencies to its digital assets portfolio over the past 24 hours and over $1 billion in the last week. This information was relayed by Grayscale CEO Barry Silbert via a tweet yesterday.

The crypto fund manager noted that it had $6.3 billion in AUM as of October 15. However, it has added $1 billion in cryptocurrencies over the past week, and the company now controls $7.3 billion worth of digital assets.

Silbert stated that the company “Added a cool $300 million in assets under management in one day. The additional sum brings the total assets held under management to $7.3 billion”.

The funds are held in the company’s trust for Bitcoin (BTC) and Ethereum (ETH), in addition to Grayscale’s digital large-cap fund. This latest development comes less than 48 hours after PayPal announced its entry into the cryptocurrency market, with Bitcoin surpassing the $13,000 mark afterwards.

Each Grayscale report is delayed by 24 hours, which means that this data refers to the previous day’s figure.

The cryptocurrency funds manager reported that its Litecoin (LTC) Trust recorded the highest growth since the last report. Grayscale reported that its LTC Trust increased by 7.5%, while their Zcash (ZEC) Trust increased by more than 6% over the past 24 hours. Grayscale also has extensive holdings in other cryptocurrencies such as Ripple (XRP), Ethereum Classic (ETC), Bitcoin Cash (BCH), Horizen (ZEN) and Stellar Lumens (XLM).

Grayscale might be increasing its cryptocurrency holdings after raising massive funds in the third quarter of the year. Grayscale’s financial report for Q3 2020 revealed that it had bought over $1 billion in investment across all its cryptocurrency trusts. This year, Grayscale has raised $2.4 billion, which is more than twice the total amount they obtained for the years 2013 – 2019.

The investment firm revealed that 81% of investment in the third quarter came from institutional investors, while another 57% came from people investing in multiple products.

With the crypto fund manager now holding over $6 billion in AUM, it means that Grayscale controls around 2.5% of the total Bitcoin supply, currently above 18,000 BTC. The Bitcoin supply is capped at 21 million, which means that roughly 2.5 million bitcoins are left to be mined.

Grayscale isn’t the only company that is increasing its stakes in cryptocurrencies at the moment. MicroStrategy recently bought $425 million worth of Bitcoin, and Jack Dorsey’s Square Inc. invested $50 million in Bitcoin.

Source: https://coinjournal.net/news/grayscale-invests-300m-in-a-day-to-grow-its-crypto-portfolio/

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