Millennials as investors are probably more crypto-forward than others and a survey now shows that in the US, millennial millionaires own the majority of their wealth in crypto, and despite the recent price cut, there will be more in 2022. There are plans to add more. According to the survey, the crypto holdings of Millennial millionaires is in contrast to the older millionaire generations, with only 4% of Baby Boomers holding cryptocurrency, while more than three-quarters of Gen X investors do not own any crypto.
Pending survey is conducted by CNBC On Millennial Millionaires and what they indicated their investment plan would be in crypto during the coming year. Despite the recent volatility in the market, the results suggest that at least this group is as bullish about the space as ever.
A millennial, per definition, is a person born between 1981 and 1996. Their willingness to be more adventurous with non-traditional decisions and inclination towards digital options has also helped set them apart. The CNBC Millionaire Survey, a survey of Americans with $1 million (about Rs 7.61 crore) or more in investable assets (including residence), showed how millennials, in particular, stood in their increasingly supportive crypto for the next year.
Showing their affinity for all things digital, 83 percent of millionaires surveyed indicated that they owned some crypto. By comparison, only 16% of Americans have reported owning or using cryptocurrencies at any time during their lives. Of the 83 percent of millionaire millennials who own crypto, 53 percent hold at least half of their wealth in digital assets. Meanwhile, about a third hold at least 75 percent of their assets in cryptocurrency.
It’s fair to assume that Millennial millionaires know something about crypto, considering how many have been invested, and heavy at that. Therefore, their apparent sustained uptrend would appear to be a very positive sign. About 48 percent of that group confirmed that they plan to increase their crypto investments in 2022, while 39% said they would remain at their current levels. In fact, only 6% reported plans to reduce their crypto exposure over the next year.
Now, it’s nearly impossible to predict the future of crypto, but seeing what investors with large portfolios and high levels of comfort in the space are doing gives an interesting perspective on the potential outcomes. Millennials are one of the most crypto-friendly groups of people in the world and their current plans on how they will invest in 2022 are a sign that they believe a good year may be in store.