- Bitcoin pushes on Sunday to a daily high of USD 7,487
- Bitcoin aware millennials could be set for life, with Bitcoin inheritance from the Baby Boomer generation estimated by Coinshares to be USD 70 trillion by 2045
- Up to 66% of all Bitcoin transactions are now SegWit
Bitcoin trading has met with much enthusiasm on the first weekend of the year, with price pushing as high as USD 7,487 (CoinDesk) and a higher low above support levels at USD 7,200. With temporary sentiment definitely seeing positive tones in alternative stores of value such as gold in the wake of US-sanctioned Iraq bombings inciting Iranian wrath, Bitcoin is certainly enjoying a good run in early January.
Much is still in play too, with American continent traders yet to show their hands, so we could be seeing the onset of an exciting Monday tomorrow!
And they won’t be the only ones looking at Bitcoin with bright eyes, if we believe the numbers coming from crypto asset managers Coinshares, who recently shared a report that suggests that the millennial generation are looking at a huge fortune in Bitcoin, thanks to prudent investments in the digital asset by their preceding generation of Baby Boomers.
So much so, this estimated Bitcoin stash that could be passed as inheritance may be worth USD 70 trillion by 2045, just 25 years from now — three times the US GDP today. As these findings make their way to social media, those currently keeping in line with Bitcoin’s popularity will also be familiar with the scorn recently being poured over “Boomers”, with trending #OKBoomer summing up this generation’s frustrations with the perceived wrongdoings of their generational predecessors.
$68.4 trillion is set to be inherited from #boomers over the next 25 years.
— Hash (@CryptoBalkans) January 3, 2020
But soon, their tune may have to change, with retirement age coming up over the next 25 years for those “Boomers”. As a result, according to Coinshares, a whole batch of Generation Xers, Millennials and Post-Millennials will be inheriting a combined total of USD 68.4 trillion in Bitcoin, based on data that shows the 25-34 year old demographic makes up almost half of all Bitcoin holders today.
Indeed, in 2018, ‘The Bitcoin Standard’ author Saifedean Ammous had said:
“Low time preference generations produce prosperity, which produces high time preference generations, who bring ruin, which produces low time preference generations.”
Meanwhile, we can always look on fundamental strengths to keep us confident while waiting for market to reflect those strengths. And we can look at the fact that Bitcoin use of Segregated Witness (SegWit) technology is at an all-time high.
The scalability upgrade, which has been in use at least since 2018 properly, allows for Bitcoin transactions to contain less data than before, meaning to say that more transactions can be stored in a block, and transaction sizes are smaller than previous, and hence, cheaper (since miners are paid in fees of satoshi per byte of data).
In fact, according to SegWit.Space, as of 4 January 2020, about two thirds or 66% of all Bitcoin transactions have made use of SegWit. This is largely due to massive adoption late last year, when adoption jumped from 40% in September to almost 60% just the next month.
Of course, other data aggregators such as transacationfee.info and Woobull say that this figure is a little lower, with 59% being the more conservative estimate.
Nevertheless, 59% or 66% says a lot about an upgrade that was contentious in 2017 and attacked by large sections of the Bitcoin community. Those who disagreed forked Bitcoin and chose to produce larger blocks instead with altcoins like Bitcoin Cash.
SegWit had been stumbling before last year’s adoption boom, with exchanges especially the culprits being very slow to update wallets to be SegWit compatible. Binance, for example, which is the world’s largest exchange by volume, continues to use older, bulkier addresses, although its CEO Changpeng Zhao has promised the issue is being addressed.
Clearly, when exchanges and miners opposed SegWit in 2017, many chose to see if big blocks were the better solution. And now, two years later, judging by adoption, fundamentals, and even price, we can probably see which digital asset was the wiser choice.
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