The high volatility in cryptocurrencies doesn’t seem to bother the young millionaires. Millennials want to keep investing in digital money.
According to a CNBC poll, 83 percent of Millennial Millionaires own cryptocurrencies. Of these, 53 percent, more than half have even invested at least 50 percent of their assets in cryptos. Almost a third of the respondents put at least three quarters of their assets into digital decentralized money.
However, according to this survey, there is also a generation gap among younger millionaires. Only 4 percent 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. For example Bitcoin Loophole.
“This is a huge difference between different generations of fortunes,” said George Walper, President of Spectrem Group, as he discussed the results. He did the poll with CNBC.
The CNBC poll suggests that when it comes to Gen Z and millennial investors, crypto assets “will be the focus of their investments in the years to come”.
Despite the depreciation of the crypto economy in US dollars, millennial millionaires plan to invest more money in crypto in the coming year, according to the survey. 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.
While some of the millionaires inherited their fortunes, there are also some who became millionaires thanks to the new digital money. CNBC also asked Walper if millennials would stay in the crypto market if the crypto economy continued to decline.
“You seem comfortable with the volatility,” concluded Walper.
Sources: PublicDomain on December 25th, 2021