Research conducted by Captain Altcoin and Accept.io’s Admir Tulic has concluded that Bitcoin and other cryptocurrencies will flourish once critics and naysayers like Warren Buffet and Charlie Munger are gone.
These highly successful investors are very influential and unfortunately have never had anything nice to say about Bitcoin and cryptocurrencies.
Although, the pair has failed to invest in extremely important companies like Google, Facebook, and Amazon, so their opinion on tech firms and technology is not exactly respected.
Trying to keep up with the times
In his research, Tulic stated that people like Munger and Buffet will no longer be with us in 20 years, and then Bitcoin and other cryptos will have a chance to thrive.
He added that Munger and Buffet represent an aging baby boomer generation that is finding it hard to keep up with the current advanced technology in the world.
Tulic also predicted that by the year 2020, millennials between 18 and 37 years old will be controlling roughly $7 trillion of the global finance.
He stated that this group is the largest single generation the U.S. has ever seen and will be in control of the country’s finances soon.
This is the generation that bore witness to the 2008 global financial meltdown and the huge role central banks played in orchestrating the crisis, leading to many losing trust in centralized financial institutions, instead placing their trust in Bitcoin and other decentralized systems.
Buffet and Munger long-term critics of Bitcoin
Warren Buffet and his partner at Berkshire Hathaway Charlie Munger have criticized Bitcoin several times over the past few months.
The duo has described Bitcoin as a mirage and a “scumball activity”, adding that trading BTC is just like trading freshly harvested baby brains.
During a meeting with shareholders of Berkshire Hathaway in May, Buffet called Bitcoin “rat poison squared”.
At the same meeting, Munger called trading Bitcoin “just dementia”, adding that the value of cryptos depends on the next person paying you higher than you initially spent.
Buffet had also predicted earlier this year a bad end for Bitcoin and other cryptocurrencies, claiming that if he could purchase a five-year put on every one of the cryptocurrencies, he would gladly do it and would never short a dime of them.
Cryptocurrency industry is getting ready to accommodate both institutions and millennials
Even though the crypto market has stagnated for the better part of 2018, companies have been working hard to ensure that they are perfectly placed to accommodate both institutional funds and ordinary customers.
Companies like Coinbase and Ripple are rolling out products that are making it easier to trade and invest in cryptocurrencies. They are also spending on awareness as they aim to educate more people about cryptocurrencies and their potential.
Csaba Csabai, CEO of P2P lending platform InLock, believes that millennials are already pursuing digital assets without them knowing it. He added that the companies don’t have to do much to convince people, all they need to do is get ready to meet demand.