bitcoin [BTC], the world’s largest cryptocurrency, was one of the chief beneficiaries of the late-week rally, led by Litecoin [LTC], that swept the market. For the time being, it would seem that the coin is on a bullish path upwards. However, according to Kraken’s Austin Alexander, the value of the cryptocurrency may soar even higher. The difference in outlook between generations, he believes, will push it so.
Austin Alexander is the vice-president at the US-based Kraken, the “world’s largest bitcoin exchange in terms of Euro volume and liquidity,” which has operations in Canada, EU, and Japan as well. Speaking to Australian educator Craig Cobb on his Trader Cobb show, Alexander talked about how every succeeding Generation Z will fuel the wider adoption of cryptocurrencies.
Alexander made this statement after he reminisced about his own experience trying to assist Chinese students to send a wire transfer in New York, all of whom were trying to navigate the contrived and difficult process. Talking further, he said,
“All they had known is bitcoin and bitcoin works, they trust it and it works and its normal to them.”
Alexander suggested that there are many more generation Zs to come; each one of which will, like the New York city kids, go on to adopt a system that offers the quickest and cheapest option. He said:
“Everyday another grandpa CEO somewhere retires and some kid is graduating.”
This, he says, will lead to ‘normalizing bitcoin.’
Alexander’s belief in the new generation leading the adoption of cryptocurrencies such as BTC isn’t misplaced, however. A few months back, Sustany Capital, a blockchain and cryptocurrency investment firm conducted a study wherein it found that millennials are highly inclined towards cryptocurrencies. In fact, it also suggested that 88% of them would want to invest in the cryptocurrency market in the future.
Comparing each new generation as a wave similar to the ones that preceded the 2017 bitcoin boom, Alexander further said,
“Each one of those waves you have more and more people, who at all levels, more people who are becoming introduced to the concept of bitcoin for the first time.”
Finally, while Austin Alexander didn’t commit to any guesses about the coin’s short-term future, he did say that he was absolutely convinced that the price of bitcoin in the longer term will be very, very high.
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Published at Tue, 12 Feb 2019 08:03:47 +0000
