Tanya Abrosimova
Independent Analyst
- Bitcoin will become an investment tool of choice.
- A sustainable demand will push the price to new highs.
Managing director of Grayscale Investments, Michael Sonnenshein, believes that about 21 million investors may be interested in cryptocurrencies.
The new generation will soon be in control of $68 trillion, and at least part of this amount will be invested in Bitcoin, he said in the interview with Yahoo.Finance.
While Ross Ulbricht bases his forecasts on chart readings, Sonnenshein points out the price growth will be driven by strong demand amid limited supply.
Currently, the capital is concentrated in precious metals and fixed income instruments, but the situation will evolve and we should keep an eye at this money, he added. Millennials prefer digital assets rather than gold or bonds, which makes a good case for Bitcoin growth in the long run.
Notably, expert believes that other digital assets like XRP, Litecoin, Ethereum are also gaining popularity. While an overwhelming majority of investors still prefer Bitcoin, the share of investments in altcoins is growing.
At the time of writing, BTC/USD is changing hands at $7,250, mostly unchanged both on a day-to-day basis and since the beginning of the day. The first digital coin has been sitting in a tight range since the beginning of the week. From a longer-term perspective, Bitcoin needs to move above $9,000 to break the bearish trend and get a chance for a sustainable bullish run.
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