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A new survey has found that 47% of young millionaires have more than 25% of their wealth in cryptocurrencies. According to the CNBC Millionaire Survey, more than 33% of millionaire millennial investors have more than half of their wealth in cryptocurrency.
No less than 750 investors with at least $ 1 million in investable assets were surveyed by CNBC and the Spectrem group in April and May. Bitcoin had hit its peak price of $ 64,829.14 during this period before falling rapidly in early May.
Both the skyrocketing price rise and collapse were attributed to market factors, particularly after Elon Musk’s announcements regarding the validity of Bitcoin as a payment for Tesla cars.
The survey reflected a growing generational divide, especially when it comes to new asset classes such as non-fungible tokens (NFTs) and cryptocurrencies. Younger investors have managed to take advantage of rising trends in crypto and other digital asset classes to increase their wealth in monumental ways, while older investors have remained skeptical, according to the survey.
Almost 83% of those surveyed had no wealth in crypto assets and only 10% had more than a tenth of their wealth invested in cryptocurrencies and none of them belonged to the older generations.
“Young investors got into it when it wasn’t as well known,” George Walper, chairman of Spectrem Group, told CNBC. “Younger investors were more intellectually engaged in the idea even though it was new. Older investors and baby boomers were largely saying, ‘Is this legitimate? Walper added.
It’s not just cryptocurrencies where the generational gap creates investment disparities. Digital assets such as non-fungible tokens also suffer a similar fate. Most investors said they did not know what NFTs are, and 33% responded that NFTs are an “over-the-top fad”. At the same time, over 66% of Millennial millionaires said NFTs “are the next big thing”.
Almost half of the Millennial Millennials surveyed own NFTs and 40% say they do not currently own an NFT but have “considered” it. This compares to 98% of baby boomer millionaires who say they don’t own DTV and don’t consider doing so.
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