- As per a recent survey by CNBC’s Spectrum Group, majority of millionaires who already possess huge chunks in crypto are thinking of investing more.
- About 42% think the economy will become robust, 35% believe it will get weak. Survey also indicates that 83% of millennial millionaires possess crypto.
- There are primarily a couple of categories of millennial millionaires — ones who made funds because of crypto growth and 2nd those who invested their persisting wealth in crypto.
Millennials Likes Cryptocurrency
As per the survey, 83% of the millennial populace holds cryptocurrency. About 53% of them have half of their wealth in crypto assets and around 75% of them have made investments in Top cryptocurrencies, Ethereum and Bitcoin.
Interestingly, older generation have a lesser interest in crypto. As per the survey, just 4% of baby boomers hold crypto assets, and 75% of Generation X does not have any digital asset possessions.
But other Millennials who made an investment in cryptocurrency years ago, became self made millionaires, owing to the exponential growth of crypto sector. Majority of these millionaires appear very comfortable with heavy fluctuations in cryptocurrency.
Millennial millionaires are optimistic and more aggressively making investments in risky assets than their old peers.
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Large Generation gap
The outcomes recommend a wide generational divide among older and younger generations with respect to their interest in crypto assets. Although older millionaire generations are still hesitant to make investments in crypto assets, millennials are capitalizing on the windows offered by this distinct investment vehicle. A plethora of that has become among the prime sources of their wealth generation.
In spite of recent fluctuations in crypto prices, millennials are not looking forward to diminish their cryptocurrency holdings.The survey recommends that about half of millennial millionaires strategizes to make additions to their persisting holdings in the upcoming year, and 39% plans to maintain their existing holdings, and just 6% of millennials are looking to diminish their crypto holdings during next year.
Millennials think that the US share market, the pandemic and increased taxes are the most prominent threats to them, while their older counterparts think that inflation is the most significant threat.
A major comparison came out of this survey was that millennials are more willing to and are comfortable in taking risks financially as compared to the baby boomers.
Source: https://www.thecoinrepublic.com/2022/05/01/why-are-millennials-pursuing-cryptocurrency/