Survey Shows Millennial Millionaires Plan to Buy More Crypto Next Year Despite Price Volatility
While the cryptocurrency economy has seen significant losses across the board — losing billions during the last two weeks — a recent CNBC millionaire survey indicates that millennial millionaires have a lot of crypto. Furthermore, millennial millionaires plan to add more digital assets to their portfolios in 2022. 83% of Millennial Millionaires Own Cryptocurrency, According to Recent CNBC Millionaire Survey
CNBC recently conducted a survey that shows 83% of millennial millionaires own cryptocurrency. The survey polled investors that have assets worth $1 million or more and cannot include their primary residences. 53% of the surveyed millionaires have at least 50% of their wealth in crypto assets like bitcoin and ethereum. Nearly a third of the participants polled have at least three-quarters of their investable assets in digital currencies.
The CNBC survey highlights that there is a generational divide between older millionaires and younger millionaires. Only 4% of the baby boomer generation holds crypto while three-quarters of the generation X survey participants do not own any cryptocurrencies. Millennial millionaires seem to be the forerunners when it comes to leveraging crypto assets for investable wealth.
“This is a big difference between different generations of wealth,” George Walper, the president of Spectrem Group (who conducted the survey with CNBC) said when he discussed the results. Walper and CNBC’s survey suggests crypto assets will “remain central to their investing in the coming years,” when it comes to generation Z and millennial investors. Spectrem Group President Says Millennials ‘Seem to Be Comfortable With the Volatility’
Despite the crypto economy decline in USD value, “millennial millionaires plan to add more crypto in 2022.” Walper insists there are two types of millennial crypto investors — investors who made millions from crypto and those who add crypto to their current investible wealth. 45% of the millennials said they inherited funds, and millennials with $5 million in investable wealth or more, said “inheritance” was a large factor.
Additionally, there are millennials who made their millions from crypto and have become “self-made millionaires,” the CNBC survey notes. CNBC also asked Walper whether or not millennials would stay in the crypto market if the crypto economy continues to decline. “They seem to be comfortable with the volatility,” Walper concluded. Tags in this story baby boomers, Bitcoin, CNBC survey, crypto assets, crypto economy, Cryptocurrency Economy, Ethereum, Gen X, Gen Z, George Walper, Inheritance, inherited funds, investable wealth, investible wealth, millennial millionaires, Millennials, self-made millionaires, Spectrem Group, Survey
What do you think about the survey that says millennial millionaires plan to add more crypto in 2022? Let us know what you think about this subject in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 4,900 articles for Bitcoin.com News about the disruptive protocols emerging today. Crypto Wealth Manager Vaneck Launches Polygon and Avalanche Investment Offerings NEWS | 13 hours ago Argentinian Chamber of Fintech Makes Cryptocurrency Regulation Proposal NEWS | 21 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBinance Developing Crypto Exchange in Indonesia Next articleKenyan Businessman Accused of Defrauding Investors of More Than $140 Million Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk Launches "Last Trick" NFT Collection to Commemorate Career and Signature Moves
Following the American professional skateboarder Tony Hawk’s first non-fungible token (NFT) sale on the NFT marketplace Autograph, Hawk is commemorating his career with a new series of NFTs called the “Last Trick” collection. The popular skateboarder’s latest digital collectibles showcase ... read more.Robinhood Launches Cryptocurrency Gifts Program Adidas Reveals the Originals NFT Collection With Punks Comics, Gmoney, Bored Apes Crypto Lender Nexo Launches NFT Lending Desk, Loans up to 20% for Popular NFTs Russia to Decide Between Full Ban and Legalization of Crypto Investments, Trade