According to Balaji Srinivasan, a prominent venture capital investor and Earn.com CEO, everyone below the age of 30 “will have never known a world without Bitcoin”. Earn.com is a Bitcoin-focused startup that has managed to raise more than a hundred million dollars in its early-stage funding.
What Srinivasan is saying is that, in his opinion, everyone born after 2010 will be using Bitcoin as a store of value or currency by the time 2040 comes around, given the current rate of Bitcoin adoption by businesses, financial institutions, investment firms and general consumers.
Increasing adoption rate
This week, Coinbase, CBOE, CME and Gemini – some of the biggest Bitcoin brokerages and financial institutions in the world – have rolled out strategies and infrastructure intended to target institutional investors. Coinbase’s Custody platform, for example, allows institutional investors to invest a minimum of $10, increasing the likelihood that by mid-2018 most of the global financial institutions in the biggest territories will have adopted Bitcoin as a digital currency.
A study by Facebook IQ revealed that millennials feel disenchanted with the banking industry, losing faith in financial institutions to handle their money, capital and investments. It has been observed that millennials are significantly more likely to switch financial institutions if a better option comes along and, therefore, it is a distinct possibility that Bitcoin could transform the global financial sector. Srinivasan would have us believe that outcome is a likely one.
Blockchain Capital managing director Spencer Bogart has emphasized that a significant percentage of millennials would choose $1,000 of Bitcoin over $1,000 in stocks. This is most prominent among male millennials, who not only prefer Bitcoin to stocks, but also to many other traditional financial assets. This includes government bonds, real estate and gold.
As the banking sector’s fears around Bitcoin grow, so does the mainstream adoption of Bitcoin. So it’s not unrealistic to take the same view as Balaji Srinivasan on the financial future.