Michael Novogratz’s crypto merchant bank Galaxy Digital is launching two Bitcoin (BTC) funds, targeting people between the ages of 50 and 80. The new funds aim to bring “the wealth of America,” or people who may have largely remained out of crypto investing, to cryptocurrency markets, Novogratz told Bloomberg Nov. 19.

According to Bloomberg, the funds will offer third-party custody from major crypto consortium Bakkt and Fidelity Digital Assets, the digital asset arm of American investment management company Fidelity Investments.

Galaxy Bitcoin Fund and Galaxy Institutional Bitcoin Fund

The two new Bitcoin funds — Galaxy Bitcoin Fund and Galaxy Institutional Bitcoin Fund — have reportedly been established with Galaxy’s own money and some participation from existing investors, according to the report.

The Galaxy Bitcoin Fund will require a $25,000 minimum investment, and investors will be able to withdraw their funds on a quarterly basis. Meanwhile, Galaxy Institutional Bitcoin Fund has weekly liquidity and a higher initial threshold, the report notes.

Both funds will reportedly charge lower fees than major Bitcoin funds such as the Grayscale Bitcoin Trust.

Boomers’ wealth is OK

Novogratz’s plans will ostensibly bring a significant amount of investment from older demographics as Bitcoin investment is specifically led by the tech-savvy younger generation in the 18–34 age range. Meanwhile, the share of American Bitcoin investors over 50 years old reportedly accounts for 3%.

According to a recent study from wealth management firm United Income, Americans under 50 only hold 16% of all investable assets, compared with 31% in 1989. This leaves a massive amount of untapped wealth among older investors that, according to United Income, will comprise $36 trillion in inheritances in the next 30 years.

Novogratz is ever the bull

Novogratz, a 54-year-old billionaire and known Bitcoin bull, claimed that there are probably 20 billionaires he could name that made their money outside of crypto and are in crypto now. He added that the new Bitcoin funds could attract investors who are now buying gold.

Additionally, Novogratz said he expects that traditional financial services companies will let users invest in Bitcoin in the next 12 months.

Earlier today, major Bitcoin fund Grayscale Bitcoin Trust filed Form 10 with the United States Securities and Exchange Commission to become the first crypto fund to report to the regulator. If the filing is approved. Grayscale could see its investor base widen, as more institutional investors will be able to dabble in Bitcoin.