Despite the recent cryptocurrency price decline, most millennial millionaires have invested in cryptocurrencies and are planning to add more to their portfolio by 2022, according to a recent survey by the CNBC.
The survey revealed that at least 83 per cent of American millennial millionaires own cryptocurrencies, and more than 53 per cent have half of their wealth in crypto and nearly a third have at least three-quarters of their wealth in Bitcoin, Ether and other cryptocurrencies.
It should be noted that a millionaire is an individual whose net worth or wealth is equal to or exceeds one million units of currency. While a millennial, as per definition, is someone born between 1981 and 1996.
Millenials as investors are probably more crypto-forward than others, according to the survey. “The crypto holdings of millennial millionaires stand in stark contrast to older generations of millionaires. Only 4 per cent of baby boomers (people born between 1946 to 1964) hold any cryptocurrency, while more than three quarters of Gen X investors (people born between 1965-1980) don’t own any crypto assets.”
About 48 per cent of that millennial group that was surveyed confirmed they plan to increase their cryptocurrency investments in 2022, while 39 per cent said that they will maintain at their current levels. In fact, only 6 percent reported plans to lessen their crypto investments next year.
Meanwhile, in November, a survey by data analytics firm Engine Insights showed that at least 59 per cent two thirds of Gen Z respondents (born between 1997 and 2012) believe that they could become well off by investing into digital currencies.
According to a new report by Crypto Research and Intelligence Business (CREBACO), so far around 15 million Indians have embraced crypto and invested close to 10 billion dollars in crypto assets.
Earlier, in March, a study by fintech platform Stilt revealed that 94 percent of Crypto Buyers are Gen Z or Millennial— compared to just 6.14 percent across all other buyers over the age of 40. “In spite of more limited access to credit and greater amounts of debt, Gen Zers and millennials are still putting their money — and hopes — into cryptocurrency in a big way,” the company said in a blog post.