New Survey Reveals 83% of Millennial Millionaires Now Own Crypto
Industry News
According to a new CNBC study, the majority of millennial millionaires have invested a large portion of their wealth in cryptocurrency and want to continue doing so in 2022. The study questioned investors with $1 million or more in assets, and 83 percent of the millennial millionaires asked said they had made cryptocurrency investments.
Over half of the respondents to the study — 53% — indicated they have at least 50% of their portfolio in cryptocurrency. Almost a third of those polled had put at least three-quarters of their net worth into crypto assets. While the survey findings may surprise some, those who followed the crypto bubble in 2021 will recall how a generation of TikTok investors won millions of dollars on meme currency bets.
In terms of investing, the CNBC study found a significant age divide. On the one hand, millennials invest up to 50% of their money in cryptocurrency. Still, just 4% of the older generation has invested in digital assets, and only one-fourth of GenX owns cryptocurrency.
The increased interest of the younger generation in the embryonic crypto market, according to George Walper, president of Spectrem Group, which conducted the study for CNBC, might prove to be a problem for wealth managers. Traditional managers, he says, will have to reconsider their approach to these new investors.
The poll also revealed that the younger generation is ready to take more chances with cryptocurrency rather than investing in traditional markets. According to the survey, 48 percent of millennial millionaires expect to increase their crypto investments in the coming year, while 38 percent plan to hold, and only 6 percent aim to minimize their crypto exposure.
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