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

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

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

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

The study also found that a large portion of their investments is made up of cryptos with 53% of survey participants stating that at least 50% of their wealth is in digital currency. Meanwhile, nearly a third said at least three quarters of their wealth is invested in 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 example, only 4% of baby boomers report owning crypto. Meanwhile, more than three-quarters of Gen X millionaires said they don’t own any digital currencies.

The survey results suggest that there is a generational gap when it comes to wealth creation and investment. For many young investors, crypto has emerged as the primary source of asset growth and wealth creation, while their older counterparts are still a bit skeptical about the new asset class and its future.

“It’s a big difference between the different generations of wealth,” said Spectrem Group President George Walper. The investigation was conducted by the Spectrem group on behalf of CNBC.

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

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