CNBC conducted a survey and found that 83% of the millennial millionaires have cryptocurrency. Survey respondents were asked to identify investors with assets of $1 million or more. This excludes primary residences. 53% of millionaires surveyed have at least 50% in crypto assets such as bitcoin and ethereum. Nearly one-third of participants polled had at least three quarters of their investable assets in crypto currencies.
CNBC’s survey reveals that older millionaires are more successful than younger millionaires. Only 4% of baby boomers own crypto, while three quarters of generation X participants don’t have any cryptocurrencies. The millennial millionaires are the leaders in leveraging crypto assets to create investable wealth.
When discussing the results, George Walper, president of Spectrem Group, said that there was a significant difference in wealth between generations. CNBC and Walper’s survey suggest that crypto assets will be’remain central in their investing in the future,’ especially for millennial and generation Z investors.
President of Spectrem Group Says Millennials Seem to be Comfortable with the Volatility’
Despite crypto’s decline in USD value, “millennial millionaires” plan to add crypto in 2022. Walper says there are two types millennial crypto investors: those who have made millions out of crypto and those who add crypto assets to their existing investable wealth. A majority of millennials stated that they had inherited funds. Millennials with more than $5 million in investable wealth said that inheritance was a major factor.
CNBC also notes that there are many millennials who have made millions using crypto and have been referred to as’self-made millionaires’. CNBC also asked Walper if millennials would continue to invest in crypto markets if the crypto economy declines. Walper stated that they seem to be comfortable with volatility.