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Why Millennials and Gen Z are about to become the richest generation that has ever lived

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A week ago my friend Graham Stephan published a video talking about why Millennials are financially ruined where he referenced that during the same stage of our lives, millennials are earning less than boomers, colleges are charging more, and wage growth is slower than it’s ever been, it’s a really good video with a lot of great points but now I want to make the counter point that millennials and gen z are about to become the wealthiest generations that have ever lived in the next decade. Here’s what’s going on.

Venmo and it’s parent company PayPal just announced that starting in 2021, there will be a global roll out for the acceptance of digital currencies. This will allow people that use PayPal to be able to buy, sell, and hold digital coins like BTC, ETH, BCH, and LTC. Now if you live here in the United States, you’ll be able to do that already in just a few weeks. But arguably the best part of their announcement is the fact that people will be able to use digital currencies to buy things from any of the 26 million stores that accept PayPal.

PayPal has 346 million accounts that use their service and of those 346 million accounts, 10 million accounts are what’s called merchant accounts which are businesses with a lot more money than individuals. This is the beginning of true e-commerce using digital currency. And here’s why all of that matters.

Looking at PayPal stock, it's up 94%. Square, a competitor of PayPal which introduced digital currencies in their app in 2018, is up 188%. Let’s compare that to the traditional banks: Citibank, down 38%. Wells Fargo, down 54%. JPM who owns Chase Bank, down nearly 17%. Goldman Sachs, down 2.4%. US Bank, down 27%. If you're a CEO of one of these banks, you can see the writing is on the wall.

Companies are starting to accept and convert a portion of their balance sheets into digital currency. For example, a company called Micro Strategy converted $425 million of their money into this asset. Square also converted close to 50 million. More and more companies are starting to make this jump and the banks will soon follow. All of this has led to a huge boost not only in the stocks of some of these companies but also the currencies themselves. For example BTC is up nearly 52%. ETH, which this whole new financial system is being built on top of is up 127%. It’s going to keep going up as more companies wake up to this reality to keep up with competition.

Fidelity - the investing giant, has already filed their Wise Origin BTC Index Fund with the SEC. That means for the first time ever in the US, it is possible to own digital currencies in a traditional index fund. Once it rolls out, you can bet companies like Vanguard, Charles Schwab, TD Ameritrade, are all going to enter the space and compete with their own investing products.

This all matters because 18 months after an event called the halvening, the price of BTC has historically gone up 20x (which it has not done yet). Compared to the last bull run in the market, we know this time there are far more companies that have built access to buying, trading, and selling digital assets. The people who own these assets (mostly millennials) will see incredible price growth from the current price of $13k per coin, to between $100k - $250k. But is it too late to start investing?

There are roughly 54 million digital wallets around the world created since 2009. That means 99% of the entire world, does not own any of it. The disposable income for millennials going to grow over $7 trillion in the next 10 years and by 2030, millennials will have five times as much wealth as they do right now. Digital currencies will eventually become the new normal and demand for it in the esports industry alone will be huge. Esports has already grown to be bigger than the music and movie industry combined and is expected to be a 300 billion dollar a year industry by 2025.

Further research:

Pompliano: https://bit.ly/2Ja6fld

Fidelity study: https://bit.ly/2J3D1nP

*None of this is meant to be construed as investment advice, it's for entertainment purposes only. Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.

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Why Millennials Are About To Become The Richest Generation - download from YouTube for free

Why Millennials Are About To Become The Richest Generation - download from YouTube for free