A new generation of millionaires is holding more crypto than ever and plans to continue doing so well into the new year.
A new survey conducted by CNBC finds that most millennial millionaires have the bulk of their financial investments in crypto.
“Most millennial millionaires have the bulk of their wealth in crypto, and they’re planning to add more in 2022 despite the recent price declines, according to the CNBC Millionaire Survey.”
The survey polls millennials with investable assets worth at least $1 million or more and finds that this next generation of wealth is heavily invested in the digital space.
“Fully 83% of millennial millionaires own cryptocurrencies…
More than half (53%) have at least 50% of their wealth in crypto and nearly a third have at least three-quarters of their wealth in Bitcoin, Ethereum and other types of cryptocurrency, according to the survey.”
Millennials’ ready acceptance of crypto assets and blockchain-focused investments stands in stark contrast to the older generation of investors, according to the survey.
“While older generations of millionaires are still largely skeptical of crypto and its future, cryptocurrencies have become the primary source of wealth creation and asset growth for many younger investors who got in early and have seen rapid returns.”
Even after the crypto market’s December 2021 dip, the CNBC survey suggests that millennial crypto investment won’t slow down anytime soon.
“About half (48%) plan to add to their holdings over the next 12 months, while another 39% plan to maintain their current crypto levels.
Only 6% of millennial millionaires plan to reduce their crypto investments over the next year.”
Despite crypto’s apparent status as a millionaire-maker, the survey points to a wholly separate factor as the key to mega-wealth.
“Fully 45% of millennial millionaires credited inheritance as a factor in their wealth, according to a Spectrem survey.
Among millennials worth $5 million or more, inheritance was the top factor (at 75%) in their wealth.”