The chief executive of investment firm Morgan Creek Capital says that the digital asset industry is set to be inundated by hundreds of billions of dollars coming from the baby boomer generation.

In a new interview with crypto influencer Scott Melker, Morgan Creek Capital CEO Mark Yusko says that within the next 12 months, he expects asset managers who manage funds for boomers to put $300 billion into the crypto space.

“We have a pretty significant demand shift and it hasn’t fully played out, in fact it hasn’t even come close to fully playing out…

I believe in the next 12 months-ish, we’re a couple of months into the ETFs (exchange-traded funds), and we’ve gotten about 10% of what I believe is coming into this space from the registered investment advisors who control all the boomers’ cash.

So the boomers have [about] $30 trillion with these financial advisors… There’s gonna be $300 billion, I believe – that’s 1% of $30 trillion – that comes into this space. That’s actually more money than has ever been converted to Bitcoin in 15 years. That’s a pretty amazing thing.”

According to Yusko, due to Bitcoin’s (BTC) multiplier, which the executive says is sitting around 20x, $300 billion being added to the crypto king would raise its market cap by $6 trillion.

“So, $300 billion would add $6 trillion of market cap.”

Bitcoin is trading for $64,920 at time of writing, a 2.5% dip during the last 24 hours.

 

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The post $300,000,000,000 in ‘Boomer Cash’ Coming In to Crypto Space, Says Morgan Creek’s Mark Yusko – Here’s When appeared first on The Daily Hodl.

The team behind Shiba Inu (SHIB) has made a significant breakthrough, securing $12 million in funding by selling its unreleased token, TREAT.

According to sources familiar with the matter, the round, which concluded earlier this month, saw participation from prominent non-US firms such as Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Stake Capital, and Comma 3 Ventures.

Introduced in July 2022 by Shytoshi Kusama, the mysterious lead developer of Shiba Inu, TREAT will serve as the gateway to the brand’s groundbreaking blockchain, powered by cutting-edge Fully Homomorphic Encryption (FHE) technology developed in collaboration with Zama.ai.

Notably, this innovative encryption chain will address critical issues within the crypto sphere, such as privacy and trust, catering not only to Shiba Inu’s vast community of tens of millions but also to the burgeoning population of crypto enthusiasts worldwide, eager to explore the next frontier of digital finance.

“This new encryption chain aims to address multiple issues in crypto, including privacy and trust for Shiba Inu’s extensive community of tens of millions and the next billion crypto-curious individuals,” a spokesperson for Shiba Inu stated.

Meanwhile, reflecting on Shiba Inu’s journey, Kusama expressed gratitude to the community, highlighting the transformative impact achieved together. According to him, the brand has evolved beyond expectations, crafting a comprehensive ecosystem with unparalleled technology stacks encompassing community, gaming, AI, metaverse, DeFi, self-sovereign identity, and encryption.

The pundit also expressed gratitude for the support from influential VCs, angel investors, and brands, emphasizing his teams’ commitment to advancing the grand decentralized experiment.

“We are excited to gain the support of such powerful VCs, angel investors, and brands as we plow towards the completion of this grand decentralized experiment. Through the involvement of these venture capital firms and their strategic partners, we are expanding not only our network of trusted partners, but also exponentially increasing what Shiba Inu can truly be capable of for our community, The ShibArmy.” Stated Kusama

The Shiba Inu team, however, declined to disclose the name of the Layer 3 blockchain to prevent scammers from creating fake TREAT tokens. That said, the new blockchain is expected to release a testnet in the third quarter of this year, followed by the mainnet after thorough testing.