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.