CNBC’s new survey shows that the fraction of millionaires who are Millennial millionaires is most enthusiastic about cryptocurrency. The Millennials have more wealth in cryptocurrency than any other class of millionaires and plan to increase their investments. It indicates that digital assets are becoming the main investment vehicle, and away from traditional investments.
Crypto-Millionaires: Millennials Make Millions
CNBC’s survey revealed that CNBC found that crypto-savvy millennial millionaires are more inclined to invest more in cryptocurrency. In fact, 53% percent of all millennial millionaires have at least 50% of their wealth invested in cryptocurrency. This included those with at least $1,000,000 worth of assets, excluding primary residences. Eighty-three percent of millennial millionaires claimed that they had crypto.
Investors Take Refuge In Bitcoin As Inflation Rises| Investors Take Refuge In Bitcoin As Inflation Rises
Survey results also revealed that investors who have made their fortune investing in cryptocurrency were more likely to do so in the future. The survey found that 48% planned to increase their crypto assets in the following year and 39% planned to retain their current positions.
Source: Crypto Total Market Cap on TradingView.com| Source: Crypto Total Market Cap on TradingView.com
Around a third (33%) of total investors polled admitted that they have at least 75% or more of their wealth in bitcoin, Ethereum, and other cryptocurrency. They are not bothered by market declines. Instead of resorting to the same avenues as Baby Boomers for investing, millennial millionaire investors should look at cryptocurrencies.
This trend towards cryptocurrency is evident even more in the Gen Z Generation, who are moving into an economic environment where crypto investments will be the first point to contact when they become new investors.
Do not be scared of volatility
The volatility associated with crypto assets is one of the most discouraging aspects for many investors. Although major price swings up and down have been a feature of the crypto space ever since it was created, millennial investors as well as Gen Z seem not to be bothered by fluctuating prices.
George Walper, president of Spectrum Group, which carried out the survey in conjunction with CNBC, noted that crypto investments by the younger generation have demonstrated “a big difference between different generations of wealth.” In the survey, only 6% of millennial millionaires polled had said they were planning to reduce their crypto holdings.
New Robinhood Feature Allows Users To Gift Crypto To Family And Friends| New Robinhood Feature Allows Users To Gift Crypto To Family And Friends
Contrary to that, only 4% say they own cryptocurrencies while 75% of Gen Xers don’t have any. According to the report, this stark distinction will have an impact on how wealth managers treat their clients in the future.
The volatility is not something that millennial millionaires mind, given all the return they’ve gotten. “They seem to be comfortable with the volatility,” Walper stated.
Featured image taken from Travel.Earth. Chart from TradingView.com