New survey reveals 83% of millennial millionaires now own crypto

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 With institutional crypto investments and millennials turning millionaires changing into acquainted headlines, 2021 has confirmed to be the 12 months of crypto adoption.

A brand new CNBC survey has revealed {that a} majority of millennial millionaires have invested a major chunk of their portfolio in crypto and plan to proceed their crypto investments in 2022. The survey polled buyers with belongings of $1 million or extra, and 83% of the polled millennial millionaires revealed they had made crypto investments.

Over half — 53% — of the survey’s respondents said they hold 50% or more of their portfolio in crypto. Nearly one-third of the respondents have invested at least three-quarters of their wealth in crypto assets. While the poll results might come as a surprise to many, those who have been following the crypto boom in 2021 would know how a generation of TikTok investors made millions of dollars on investments in meme currencies.

The CNBC survey additionally revealed a large generational hole when it comes to funding. On one aspect, millennials are investing as excessive as 50% of their wealth in crypto, whereas on the opposite aspect, solely 4% of the older era have invested in digital belongings and solely one-fourth of the GenX owns crypto.

George Walper, president of Spectrem Group, which performed the survey for CNBC, mentioned the brand new era’s rising curiosity within the nascent crypto market might show to be a problem for wealth managers. He believes these conventional managers must rethink their strategy in the direction of these upcoming buyers. He defined:

“I’m undecided the wealth administration business has acknowledged that they want to think about these as fully totally different generations. Most companies had been hoping to disregard it. However millennial millionaires aren’t going to simply develop out of crypto.”

The survey additionally highlighted how the brand new era is prepared to take extra dangers with crypto relatively than investing in conventional markets. The survey revealed that 48% of millennial millionaires plan so as to add to their crypto investments whereas 38% plan to carry and solely 6% plan to cut back their crypto publicity within the coming 12 months.

Aside from a surge in crypto millennial millionaires in the US, Australia has additionally seen a ten% progress in crypto adoption over the previous 12 months. The 2021 Impartial Reserve’s Cryptocurrency Index (IRCI) that surveyed 2000 individuals discovered the crypto investment among Australians has grown to twenty-eight.8%, up from 18.4% in 2020.