Millionaire Millennials hold a substantial portion of their wealth in cryptocurrencies, according to a new financial survey.
Nearly half of millennial millionaires, 47 percent, have at least a quarter of their wealth tied up in crypto, according to a CNBC Millionaire survey report.
And more than a third of millennial millionaires have at least half their money in digital currency, with at least $1 million in investable assets according to a survey of 750 investors.
Observers say the survey results show a generational divide in wealth creation from cryptocurrencies like bitcoin and ethereum, with older investors less likely to hold any.
The survey found that nearly 83 percent of US millionaires own none of their wealth in crypto, and only one in ten Baby Boomer millionaires own more than 10 percent of their wealth in crypto.
“Young investors jumped on it early, when it wasn’t as well-known,” said George Walper, president of Spectrum Group, who conducted the survey online with CNBC.
“Younger investors were more intellectually attached to the idea, even though it was new. Older investors and boomers were largely saying ‘Is it legit?'”
He added that the wealth management industry may move from traditional investing to crypto in the future to attract younger investors.
“We are already seeing the industry responding. We see more and more providers providing access to crypto investments. It’s changing fast.”
The NFT craze in digital art and content investing, which has increased during the pandemic, also saw a divide between millionaires young and old.
One-third of millionaires said that non-fungible tokens (NFTs) were a “huge fad,” while two-thirds of millennial millionaires said they were “the next big thing.”
“NFTs have recently started being a part of media coverage. That’s why older generations are more understanding and backward,” said Mr. Walper.
According to the American firm Pew Research, anyone born between 1981 and 1996 is part of the millennial generation.
Credit: www.independent.co.uk /