A new survey conducted by CNBC indicates some interesting results about how millennials are planning to buy cryptocurrencies. The survey is mostly focusing on millionaire millennials, their current portfolio and the plan to develop it in 2022. Unsurprisingly, most of the participants have strong bullish positions on cryptocurrencies. Despite the bear market at the time of the studies, a majority of investors said they were planning to expand their crypto holdings. Unlike boomers, the young millionaires are all about that decentralized future!
Hodl them Cryptocurrencies!
First and foremost, the CNBC survey targets millennials with at least $1 million worth of investable assets or more. This is an effort to clarify the position of the next generation of wealth. And wouldn’t you know it, they have a predominant part of their assets invested in cryptocurrencies.
“Most millennial millionaires have the bulk of their wealth in crypto, and they’re planning to add more in 2022 despite the recent price declines, according to the CNBC Millionaire Survey.”
And what is more interesting is that 83% of them hold cryptocurrencies. It seems like the millennials are heavily investing in the digital future while the older generation prefers traditional assets. After all, have you ever tried to explain NFTs to your grandparents?
The Numbers Mason!
Certainly, there are interesting statistics and data derived from this survey. To begin with, more than half of the investors have at least 50% of their wealth in cryptocurrencies. And if that was not confusing, a third of the investors have at least three-quarter of their investments in crypto. It is also worth noting that the study has an emphasis on cryptocurrencies in general and not the specifics.
“While older generations of millionaires are still largely skeptical of crypto and its future, cryptocurrencies have become the primary source of wealth creation and asset growth for many younger investors who got in early and have seen rapid returns.”
As for the future, almost half of the investors plan to add to their holdings in 2022. Only 6% said they would reduce their crypto holdings in the next 12 months.
Did they Sell NFTs?
Thankfully, the survey touches on yet another crucial element for the study. The research also looks into how these millennials were able to acquire their wealth. Apparently, 45% of them credited inheritance for the bulk of their holdings. And among those with more than $5 million or more, 75% of them had inherited large sums of their capital.
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