An analysis says the transfer of $124 trillion in wealth between generations in the United States over the next 20 years could significantly change the long-term demand structure of the cryptocurrency market. It says the shift of wealth to younger generations, rather than short-term positives such as ETF approvals or interest rate cuts, could be a structural growth driver for digital assets including bitcoin.

CryptoSlate, a blockchain outlet, reported on July 5 that U.S. wealth management consultancy Cerulli Associates forecast that about $124 trillion in U.S. household assets will be transferred between generations by 2048. Of that, about $105 trillion is expected to go to heirs and $18 trillion to charities and other recipients.

Baby boomers are at the centre of the wealth transfer. An estimated $100 trillion, or about 81 percent of total transferred assets, is expected to move from that generation. Millennials are set to inherit the most, at about $46 trillion, followed by Generation X at about $39 trillion and Generation Z at about $15 trillion.

Markets are focusing less on the size of the assets and more on the investment preferences of the inheriting generations. A survey by cryptocurrency exchange Gemini found 49 percent of U.S. millennials and 51 percent of Generation Z said they currently hold or previously held cryptocurrencies. The figure for Generation X was 29 percent. A 2026 survey by The Motley Fool Money also found current crypto ownership was far higher among Generation Z and millennials, while baby boomers stood at just 7 percent.

Portfolio allocation also differed. A Coinbase survey found millennials and Generation Z allocated an average 25 percent of assets to non-traditional assets including cryptocurrencies, while Generation X and baby boomers stayed around 8 percent. A Bank of America Private Bank survey also found younger high-net-worth investors put 14 percent of their portfolios into cryptocurrencies, compared with 1 percent for older investors.

Some also raise the possibility that these generational differences could translate into actual inflows. Grayscale research head Zach Pandl (잭 판들) estimated that Americans aged 60 and over currently hold about $110 trillion in net wealth, and that shifting just 2 percent of that into digital assets could generate about $2.2 trillion in new demand.

Galaxy Research also forecast that, reflecting differences in investment preferences by generation, the crypto market could see $160 billion to $225 billion of new funds flow in over the long term.

Wall Street is already responding to the change. Morgan Stanley began pilot operations in May for spot cryptocurrency trading through E-Trade and plans to expand it to all 8,600,000 customers within the year. Charles Schwab has also launched a spot cryptocurrency trading service, and Vanguard allowed trading in external cryptocurrency ETFs and related funds. JPMorgan Private Bank also assessed that wealth transfer is one of the key factors behind broader bitcoin adoption.

Jed Finn (제드 핀), head of Morgan Stanley's wealth management division, said future clients are a generation accustomed to app-based investing. He said providing access to cryptocurrencies is essential to securing competitiveness.

Some analysis says large sums are unlikely to flow into the crypto market over a short period. About $54 trillion of the total transferred assets is expected to move first to spouses. As much of that will go to baby boomer spouses, it may take time before the assets pass to children.

Another variable is that more than half of total transferred assets is concentrated among the wealthiest 2 percent in the United States. The average inheritance may not be as large as the headline totals, and rising medical costs and increased post-retirement spending could also reduce actual inheritance amounts.

Even so, the industry sees a clear long-term direction. As younger generations take a central role in investment decision-making, the share of cryptocurrencies is more likely to rise. Chase Hutton (체이스 호턴) of Cerulli Associates forecast that financial companies that first build relationships with younger investors will be in a favourable position in long-term competition.

The market analysis says regulation and ETFs may move prices in the short term, but the possibility is growing that generational change and wealth transfer will become a new growth driver for the cryptocurrency market over the long term.