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53 percent of millennial millionaires say at least 50 percent of wealth is in crypto

Eighty-three percent of millennial millionaires own cryptos such as Bitcoin and Ether.

Image by A M Hasan Nasim from Pixabay

Sun, 19 Dec 2021, 10:08 am UTC

Various past surveys have shown that younger investors are more open to owning crypto assets such as Bitcoin (BTC) and Ether (ETH). A recent study revealed that a majority of wealthy millennials actually own cryptocurrencies and are even planning to buy more in 2022 despite price fluctuations.

Eighty-three percent of millennial millionaires own cryptos such as Bitcoin and Ether, according to a recent CNBC Millionaire Survey. The study focused on investors with $1 million or more in investible assets excluding primary residences.

The study also revealed that a big chunk of their investments is composed of cryptos with 53 percent of survey participants saying that at least 50 percent of their wealth is in digital currencies. Meanwhile, nearly a third said that at least three-quarters of their wealth is invested into Bitcoin (BTC), Ether (ETH), and other types of cryptocurrency.

When it comes to crypto exposure, older investors are a bit more cautious compared to their millennial counterparts. For instance, only 4 percent of baby boomers say that they hold any crypto. Meanwhile, more than three-quarters of Gen X millionaires said that they don’t own any digital currency.

The survey results suggest that there’s a generational divide when it comes to wealth creation and investing. For many younger investors, crypto has become the primary source of asset growth and wealth creation while their older counterparts are still a bit skeptical of the new asset class and its future.

“This is a big difference between different generations of wealth,” Spectrem Group President George Walper said. The survey was conducted by the Spectrem Group on behalf of CNBC.

The recent price declines of Bitcoin (BTC), Ether (ETH), and other crypto have not damped millennial millionaires’ appetite for these assets. In fact, 48 percent said that they plan to add more crypto over the next 12 months while 39 percent said that they plan to maintain their current crypto holdings. Only 6 percent of the surveyed millennials said that they plan to reduce their crypto exposure next year.

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