CNBC Millionaire Survey has found out that 83% of millennial millionaires own cryptocurrencies and over 50% of them would continue accumulating cryptos in 2022.
CNBC Millionaire Survey has found out that 83% of millennial millionaires own cryptocurrencies. Despite the recent price downturn over half of the respondents are planning to accumulate Bitcoin and other cryptocurrencies in 2022. People born in the 1980s to early-2000s (1981-1996 to be more precise) are generally called millennials.
The CNBC Millionaire Survey has conducted a survey among millennial investors having investible assets of US$1 million or more (not including primary residences). They also found out that 53% of the respondents have at least half of their assets invested in cryptocurrencies. The report went on to say that around 1/3rd of the respondents have invested at least 3/4th of their wealth in BTC, ETH, and other cryptos.
The report also found a generational gap when it comes to investing in cryptocurrencies. In sharp contrast to the millennials, only 4% of the baby boomers and 1/4th of Gen X investors own cryptos.
George Walper, President of Spectrem Group (the organization that conducted the CNBC Millionaire Survey) said:
“This is a big difference between different generations of wealth.”
While most of the older generations are highly skeptical about investing in cryptocurrencies, digital assets including cryptos, Defi tokens, NFTs, et al have become the primary source of wealth creation for younger generations. The concerned CNBC report has said that around 48% of the sample millennial millionaires have said that they want to keep on buying cryptos in the coming 12 months and 39% of the respondents want to maintain their crypto balances next year by holding on to their already bought cryptocurrencies. Just 6% of the millionaire millennials want to reduce their cryptocurrency investments in 2022.
Walper went on to say:
“I’m not sure the wealth management industry has recognized that they really need to think of these as completely different generations… Most firms were hoping to ignore it. But millennial millionaires are not going to just ‘grow out’ of crypto.”