While the cryptocurrency economy has seen significant losses across the board – losing billions in the past two weeks – a recent CNBC millionaire survey shows that millennial millionaires have a lot of crypto. In addition, Millennial Millionaires plan to add more digital assets to their portfolios in 2022.
83% of Millennial Millionaires own cryptocurrency, according to the latest CNBC Millionaire Survey
CNBC recently conducted a survey that showed that 83% of Millennial Millionaires own cryptocurrency. The survey asked investors who had assets of $ 1 million or more and could not disclose their primary residence. 53% of the millionaires surveyed own at least 50% of their wealth in crypto assets such as Bitcoin and Ethereum. Almost a third of the respondents surveyed hold at least three quarters of their investable assets in digital currencies.
The CNBC poll shows that there is a generation gap between older millionaires and younger millionaires. Only 4% of the baby boomer generation own cryptocurrencies, while three quarters of the Generation X survey participants do not own any cryptocurrencies. Millennial millionaires seem to be leading the way when it comes to turning crypto assets into investable wealth.
“This is a huge difference between different generations of wealth,” said George Walper, president of Spectrem Group (who conducted the survey with CNBC) as he discussed the results. The survey by Walper and CNBC suggests that when it comes to Gen Z and millennial investors, crypto assets will “remain the focus of their investments for years to come.”
Spectrem Group president says millennials seem comfortable with the volatility
Despite the decline in USD value in the crypto economy, “Millennial Millionaires Plan to Add More Crypto in 2022”. Walper insists that there are two types of millennial crypto investors – investors who have made millions in crypto and those who are adding crypto to their current investable assets. 45% of millennials said they had inheritance, and millennials with $ 5 million or more in investable wealth said “inheritance” is an important factor.
In addition, there are Millennials who made their millions with crypto and have become “self-made millionaires,” according to the CNBC survey. CNBC also asked Walper whether or not millennials would stay in the crypto market if the crypto economy continued to decline. “You seem comfortable with the volatility,” concluded Walper.
What do you think of the poll that says millennial millionaires want to add more cryptocurrencies in 2022? Let us know what you think on this matter in the comments below.
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Source: Crypto News Austria