Most millennials, also known as Generation Y millionaires (born between 1980 and 1995), have most of their wealth in crypto and plan to invest more in 2022, according to a CNBC millionaire survey.
This is an exploratory survey of investors who can invest $ 1 million or more. Of these, 83% of Millennial Millionaires own crypto, more than half (53%) have at least 50% of their wealth in crypto, and almost a third of them have at least three quarters of their wealth. Ether and other cryptocurrencies.
Millennial millionaires’ crypto holdings are in stark contrast to previous generation millionaires. According to the survey, only 4% of baby boomers (born after the World Wars and 1960s) own crypto, while more than three-quarters of Gen-X investors (born between the mid-1960s and early 1980s) do do not own any cryptocurrencies.
The results show that cryptocurrencies create a large generational gap in wealth creation and investment. While older generation millionaires are still largely skeptical about cryptocurrency and its future, cryptocurrency has become a major factor in wealth creation and growth for many young investors, early participants, and quick gains.
“This is a huge difference between different generations of wealth,” said George Walper, president of Spectrem Group, which conducted the survey with CNBC.
About half (48%) plan to increase their holdings, another 39% plan to stay at current levels, while only 6% plan to gradually reduce their crypto investments over the next 12 months.
With so many Millennial and Gen-Z investors becoming millionaires thanks to cryptocurrency, it is likely to remain an important investment for them for years to come. This has created a new dilemma for asset management companies. Most of the current business of private banks, asset management firms and advisors comes from wealthier older customers who do not want cryptocurrencies and the risks associated with them, their portfolio or their products. However, the future of businesses depends on next-generation customers asking for crypto products and advice.
Walper said many asset managers are reluctant to add cryptocurrencies directly to their investment platforms due to regulatory and performance risks. However, with the growing number of crypto financial products, including crypto-based exchange traded funds (ETFs), more companies can now start offering cash products to younger investors.
“This gives them the opportunity to expose Bitcoin and other cryptocurrencies without having to touch each other in person.”
Walper said there are two types of millennial crypto investors – those who have made millions of dollars in crypto and those who add to their existing assets (mostly from inheritances or startups) by investing in cryptocurrencies. According to a survey by Spectrem, 45% of Millennial Millionaires consider inheritance a factor in their wealth. Among millennials with assets of $ 5 million or more, inheritance is the main factor (75%) of their wealth.
At the same time, millennials who got into cryptocurrency years ago with a small portion of their income have become self-made millionaires because the returns on cryptocurrencies are far superior to those of stocks and other types of money.
The question now is whether the younger generation will stay in the crypto market – and in the ranks of millionaires – if Bitcoin and the collapse of the crypto market continue.
“You seem content with volatility,” said Walper.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.
Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…
BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…
Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…
Over the years, meme coins have evolved from inside jokes into serious investment opportunities.
Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…
This website uses cookies.