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According to a recent CNBC Survey conducted by Spectrum Group, most millennial millionaires who have already had a massive chunk of their wealth in cryptocurrencies are thinking of investing more despite clashes in crypto prices. It is also to be noted that millionaires are more bullish about the economy, interest rates and tax rates.
Around 41% say that the economy will get stronger in 2022, while 35% say it will weaken. The survey highlights that 83% of millennial millionaires own cryptocurrencies. Around 53% of those millionaires have more than half of their wealth in cryptocurrencies, and around one-third of millionaires have 75% of their wealth in cryptocurrencies like Bitcoin and Ethereum.
Interestingly, on the other hand, cryptocurrency holdings are much less popular among older generations. According to the survey, only four percent of baby boomers hold cryptocurrencies, and 75% of Gen X do not have any crypto holdings. The divide between the attitudes of younger and older generations about cryptocurrencies is quite sharp.
Another Bankrate survey suggests that at least half of millennials are comfortable investing in cryptocurrency as compared to 37% of Generation X and 22% of baby boomers. Of those, 12% of millennials think that Bitcoin and other cryptocurrencies are the best places to invest money in the long term.
There are primarily two categories of millennial millionaires first, those who made their money mainly due to crypto growth, and second, those who used their existing wealth (mainly generational or from startups) to invest in cryptocurrencies. For around 45% of the millennials, inherited generational wealth was a factor in their total wealth. And for millionaires worth $5 million and over, generational wealth was a prominent factor (75%).
But other millionaires who invested in crypto years ago became self-made millionaires due to vast growth in their crypto investments and assets. Most of these millionaires seem very comfortable with the volatility of crypto. Millennial millionaires are bullish and more aggressively investing in risky assets than their older peers.
A vast generational gap
The results suggest a vast generational divide between younger and older generations in regard to their interest in cryptocurrencies. Even though older generations of millionaires are still quite hesitant to invest in cryptocurrencies, millennials are capitalizing on the opportunities provided by this unique vehicle of investment so much so that it has become one of the primary sources of their wealth …….
Source: https://dailyhodl.com/2022/04/30/why-are-millennials-running-after-crypto-investments/