• Sat. May 21st, 2022

Survey Shows 83% of Millennial Millionaires Own Cryptocurrencies

Most wealthy millennials say volatile crypto assets are a solid bet.

Not only do the majority of millennial millionaires have the majority of their wealth in crypto, research shows young respondents plan to add more programmable funds to their portfolios over the next 12 months based on this breakdown:

The results of the latest CNBC Millionaire survey released on Thursday show that 83% of Millennial Millionaires own cryptocurrencies. What’s even more surprising is that more than half (53%) of these wealthy young investors report having at least 50% of their wealth in crypto. While nearly a third of young adults surveyed have at least three quarters of their wealth in blockchain-based assets.

48% of millennials surveyed plan to increase their crypto holdings 39% plan to remain stable 6% expect them to cut back on blockchain investmentsMarks sweeping investment decision moving away from older millionaire

What’s not so surprising is that the results show lower investment rates among older millionaires in digital blockchain assets. Survey results show that less than a quarter of Gen Xers and 4% of baby boomer millionaires are currently invested in crypto.

These data suggest that a large investment gap is widening among millionaires according to their respective age groups. It appears that older generations of millionaires are skeptical of putting much of their nest egg in the crypto basket, when it is the main basket that many young investors lay their economic eggs in.

How millennials got their millions

Conversely, millennials who entered crypto years ago, with small investments from their own income, have become self-made millionaires due to the much higher returns from crypto in recent years. For example, Bitcoin has been dubbed the asset of the past decade due to its 230% annualized returns eclipsing all other asset classes.

Researchers have found that there are two broad categories of millennial crypto investors – those who made their millions through crypto and those who added to their existing wealth (mostly from inheritance or from start-ups. ) by investing in crypto. The survey found that 45% of millennial millionaires viewed inheritance as a factor in their wealth.

Only time will tell if these millennials benefited from “the madness of youth” or “fortune favoring the brave” – ​​it may be a little of both.

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