New poll shows that 83% of Millennial Millionaires own cryptocurrencies

2021 has proven to be the year of cryptocurrency adoption, with institutional investments in cryptocurrencies and millennials becoming millionaires.

A new CNBC survey found that most millionaire Millennials have a significant portion of their portfolios invested in crypto and plan to continue their crypto investments in 2022. The survey asked investors with assets of $ 1 million or more, and 83% of millennial millionaires surveyed said they had invested in crypto.

53% of the total respondents said they have 50% or more of their portfolio in crypto. Almost a third of those surveyed have invested at least three quarters of their wealth in crypto assets. Even if the survey results may come as a surprise to many, Those who have watched the cryptocurrency boom in 2021 will know that a generation of TikTok investors made millions of dollars investing in memes.

New poll shows that 83% of Millennial Millionaires own cryptocurrencies
New poll shows that 83% of Millennial Millionaires own cryptocurrencies

The CNBC survey also found a huge intergenerational gap in terms of investment. On the one hand, millennials invest up to 50% of their wealth in crypto assets, while on the other hand only 4% of the older generation have invested in digital assets and only a quarter of GenX’s own cryptocurrencies.

Georg Walper, The chairman of Spectrem Group, which conducted the survey for CNBC, said the new generation’s growing interest in the emerging crypto market could pose a problem for wealth managers. He believes these traditional managers need to rethink their approach to these new investors. He explained:

“I’m not sure the wealth management industry has realized that they have to view them as completely different generations. Most companies had hoped to ignore this. But millennial millionaires won’t stop being cryptocurrencies. “

The survey also showed that the new generation is ready to take more risks with cryptocurrencies instead of investing in traditional markets. The survey found that 48% of Millennial Millionaires plan to increase their investment in this type of asset, while 38% plan to preserve them and only 6% plan to reduce their exposure to cryptocurrencies in the next year.

Aside from a surge in crypto millennials in the United States, Australia has also seen crypto adoption growth of 10% over the past year. The Independent Reserve Cryptocurrency Index (IRCI) 2021, which polled 2,000 people, found that Australians’ cryptocurrency investments rose from 18.4% in 2020 to 28.8%.

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