New survey reveals 83% of millennial millionaires now own crypto


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New survey reveals 83% of millennial millionaires now own crypto

2021 has confirmed to be the 12 months of crypto adoption the place institutional crypto investments and millennials turning millionaires have been acquainted headlines.

A brand new CNBC survey has revealed {that a} majority of millennial millionaires have invested a major chunk of their portfolio in crypto and plan to proceed their crypto investments in 2022. The survey polled buyers with belongings of $1 million or extra, and 83% of the polled millennial millionaires revealed they’d made crypto investments.

53% of complete survey respondents mentioned they maintain 50% or extra of their portfolio in crypto. Almost one-third of the respondents have invested at the least three-quarters of their wealth in crypto belongings. Whereas the ballot outcomes may come as a shock to many, those that have been following the crypto increase in 2021 would understand how a technology of TikTok buyers made millions of dollars on investments in meme currencies.

The CNBC survey additionally revealed an enormous generational hole when it comes to funding. On one facet, millennials are investing as excessive as 50% of their wealth in crypto, whereas on the opposite facet, solely 4% of the older technology have invested in digital belongings and solely one-fourth of the GenX owns crypto.

George Walper, president of Spectrem Group that carried out the survey for CNBC, mentioned the brand new technology’s rising curiosity within the nascent crypto market may show to be a difficulty for wealth managers. He believes these conventional managers must rethink their method in direction of these upcoming buyers. He defined:

“I’m undecided the wealth administration trade has acknowledged that they want to consider these as fully completely different generations. Most companies have been hoping to disregard it. However millennial millionaires will not be going to simply develop out of crypto.”

The survey additionally highlighted how the brand new technology is prepared to take extra dangers with crypto relatively than investing in conventional markets. The survey revealed that 48% of millennial millionaires plan so as to add to their crypto investments whereas 38% plan to carry and solely 6% plan to cut back their crypto publicity within the coming 12 months.

Other than a surge in crypto millennial millionaires within the US, Australia has additionally seen a ten% progress in crypto adoption over the previous 12 months. The 2021 Impartial Reserve’s Cryptocurrency Index (IRCI) that surveyed 2000 individuals discovered the crypto investment among Australians has grown to 28.8%, up from 18.4% in 2020.