While the cryptocurrency economy has seen significant losses across the board — losing billions during the last two weeks — a recent CNBC millionaire survey indicates that millennial millionaires have a lot of crypto. In 2022, the millennial millionaires intend to increase their digital portfolios.
Recent CNBC Millionaire Survey reveals that 83% of Millennial Millionaires own cryptocurrency.
CNBC conducted an extensive survey and found that 83% of the millennial millionaires have cryptocurrency. This survey surveyed investors who have at least $1 million in assets and did not include their primary residences. The survey found that 53% of millionaires have more than 50% of their wealth in cryptocurrency assets such as bitcoin or ethereum. Nearly one-third of participants polled had at least three quarters (or more) of their investable assets in crypto currencies.
CNBC’s survey reveals that older millionaires are more successful than younger millionaires. Only 4% of baby boomer generations own crypto. Three-quarters (or more) of respondents to the Generation X survey do not have any cryptocurrencies. When it comes to using crypto assets to build wealth, millennial millionaires appear to be leading the charge.
“This is a big difference between different generations of wealth,” George Walper, the president of Spectrem Group (who conducted the survey with CNBC) said when he discussed the results. Walper and CNBC’s survey suggests crypto assets will “remain central to their investing in the coming years,” when it comes to generation Z and millennial investors.
Spectrem Group President Says Millennials ‘Seem to Be Comfortable With the Volatility’
Despite the crypto economy decline in USD value, “millennial millionaires plan to add more crypto in 2022.” Walper insists there are two types of millennial crypto investors — investors who made millions from crypto and those who add crypto to their current investible wealth. 45% of the millennials said they inherited funds, and millennials with $5 million in investable wealth or more, said “inheritance” was a large factor.
Additionally, there are millennials who made their millions from crypto and have become “self-made millionaires,” the CNBC survey notes. CNBC also asked Walper to answer whether millennials would remain in the crypto market, if crypto’s economy declines. “They seem to be comfortable with the volatility,” Walper concluded.
How do you feel about the recent survey showing that more than a third of millennial millionaires expect to invest in crypto by 2022? Please comment below to let us know your thoughts on this topic.
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