[ad_1]
Nearly half of millennial millionaires have at least a quarter of their wealth in cryptocurrency, according to a new survey. It comes at a time when virtual currencies have boomed like never before, creating wealth for young people as well as those who trusted Bitcoin, Ethereum and the like and embraced them early on. The study found that nearly 47% of the 750 Millennial Millionaires surveyed had more than 25% of their wealth in crypto. Not only that, nearly 33% of those polled with at least $ 1 million (around Rs. 7.31 crore) in investable assets had half of their wealth in digital currencies, the survey reveals.
What the study also shows is the generational gap in wealth creation among younger and older millionaires. For example, the survey showed that 83% of US millionaires had no wealth in virtual currencies and only 10% of them had invested more than 10% in crypto assets.
George Walper, chairman of Spectrem Group, which conducted the online millionaire survey with CNBC in April and May, said the younger generation was quickly getting into cryptocurrency when little was known about it. their subject. Younger investors were more intellectually engaged with the idea even though it was new. A lot of the older investors and baby boomers were saying, “Is this legitimate? CNBC quoted him as saying.
And just like cryptocurrency, the NFT (non-fungible token) mania has taken the world by storm, especially the younger generation. The same survey clearly shows that the generational divide is more marked, especially with regard to NDT. While most American millionaires have no idea what an NFT is, nearly two-thirds of Millennial millionaires say they’re going to be the “next big thing”. More than a third of the total say NFTs are all the rage.
Almost half of the 750 Millennium Millionaires said they owned DTVs, while 40 percent said they didn’t own them now but had considered it. A whopping 98 percent of another category of millionaires, Baby Boomers (born between 1946 and 1964), did not own and never thought about DTV. The reason, said Walper, was that the NFTs only recently started to be part of the media coverage. Thus, the older generations are further behind in understanding.
Speaking of Bitcoin, the oldest and most popular cryptocurrency traded in the world, the price of Bitcoin in India and around the world has seen a meteoric rise in value over the past six months despite experts, critics and skeptics issuing regular warnings and expressing doubts about its livelihood.
In April, virtual currency had hit an all-time high of nearly $ 65,000 (around Rs 47.3 lakh), a massive spike of over 450% in just six months. Since then, Bitcoin prices have fallen, losing more than half of its value. Massive swings have been a hallmark of cryptocurrency trading in 2021. Read more about Bitcoin’s highs and lows course this year here.
Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
[ad_2]
picture credit