Millennial millionaires have a lot of their wealth in cryptocurrencies

Most millennial millionaires own crypto, according to a CNBC survey. About half of them owe their wealth to cryptocurrencies and many of them even have the majority of their wealth in cryptocurrencies.

The ‘Millionaire Survey’ survey by the American television channel CNBC found that 83% of millennial millionaires surveyed own a cryptocurrency such as bitcoin.

Moreover, they don’t own much. Just over half of millennial millionaires hold at least 50% of their assets in crypto, according to the survey. About a third of millennial millionaires surveyed hold 75% or more of their assets in crypto.

That is an increase compared to six months ago. Then CNBC conducted a similar study and half of millennial millionaires still had about 25% of their assets in crypto and one-third had more than 50%. Bitcoin’s price has since risen by about half.

Nearly half (48%) of millennial millionaires surveyed said they plan to buy even more crypto in the next 12 months, while only 6% said they want to sell something. 39% say they have no plans to buy or sell additional cryptocurrencies.

Many young millionaires cite crypto as the main source of their wealth: just over half owe their wealth to it. The other half cited inheritance as the main source of wealth.

Generation Gap

Millennials are much more likely to own crypto than older generations, who still seem skeptical. From Generation X, 25% of millionaires surveyed said they own a cryptocurrency, and among baby boomers, the percentage is just 4%.

According to George Walper of Spectrum Group, which conducted the survey, there is a generation gap. “I’m not sure asset managers realize they really need to think about it as completely different generations ,” Walper said.

“Many firms hoped to ignore it. But millennial millionaires won’t just ‘outgrow’ crypto,” he says. “They seem comfortable with the volatility,” he added.

Inflation

Many millionaires cite inflation as one of the biggest threats to their wealth. That is interesting, because bitcoin is often seen as a hedge against inflation due to its scarcity.

For example, Wharton professor Jeremy Siegel thinks bitcoin has taken over the role of gold for millennials. ?ǣLet’s face the facts,?ǥ he recently said during a CNBC interview, ?ǣI think bitcoin has replaced gold as an anti-inflation tool for many younger investors. Digital currencies are the new gold for millennials.?ǥ

Still, the question is whether inflation actually plays such an important role for millennials in the adoption of cryptocurrencies. Millennials are four times less likely to worry about inflation than baby boomers, according to the CNBC survey.

Popular among millennials

Bitcoin is proving more popular among millennials. For example, recent research by Rabobank and NIBUD showed that 27% of young adults in the Netherlands own a cryptocurrency such as bitcoin. According to a survey by investment bank KNAB, a third of millennials expect to be able to pay everywhere with digital currencies such as bitcoin in ten years’ time.

How many people own bitcoin? In the Netherlands about 5% of the population and worldwide an estimated more than 100 million people.

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