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Thomas Lee, Chairman of BitMine Immersion (NYSE:BMNR), said that YouTube sensation Jimmy Donaldson, also known as MrBeast,’s entry into the financial sector could trigger a significant shift in the financial preferences of younger generations.
Lee, also the co-founder of Fundstrat Global Advisors, shared his thoughts as a keynote speaker at the Consensus Hong Kong event on Wednesday. He suggested that MrBeast’s banking venture might position itself as the go-to financial platform for Gen Z and Gen Alpha, potentially serving as a key entry point to cryptocurrency.
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Lee drew parallels between this potential shift and how Charles Schwab Corp. (NYSE:SCHW) catered to baby boomers, BlackRock Inc. (NYSE:BLK) and Blackstone Inc. (NYSE:BX) attracted Generation X, and Robinhood Markets (NASDAQ:HOOD), SoFi Technologies (NASDAQ:SOFI) and Chime Financial (NASDAQ:CHYM) appealed to millennials.
“He is the guy….basically the next Robin Hood, SoFi, Chime combined,” Lee said about Mr. Beast’s financial institution.
He noted that Gen Z and Gen Alpha together account for about 120 million people in the U.S. alone, while MrBeast commands a global following exceeding one billion.
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“These customers aren’t necessarily wealthy today,” Lee commented. However, he foresees a significant wealth transfer in the coming decade.
“This generation is set to inherit trillions in the next few decades,” he later wrote on X.
Beast Financial Services (via @step) @MrBeast
– arguably the GenZ/GenAlpha bank of the future
PS: this generation is set to inherit trillions in the next few decades
Ethereum is the future of finance@BitMNR $BMNR https://t.co/u0Dr1JCetL pic.twitter.com/afON6HMOdH
Tom Lee’s BitMine Immersion invested $200 million into MrBeast’s Beast Industries in January. This is Bitmine’s second moonshot bet after its $20 million investment in Eightco Holdings (NASDAQ:ORBS), a firm backed by Wedbush analyst Dan Ives.
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Lee’s investment was driven by his belief that MrBeast, with his 330 million subscribers, would become “the most impactful entertainment brand in the world” while integrating crypto into a new financial services platform.