According to a CNBC Millionaire Survey, nearly half of all millennial millionaires have at least a quarter of their assets in cryptocurrencies.
The CNBC survey found that a lot of millionaires that fall into the millennial category are heavily invested in cryptocurrencies. While 47% of the 750 investors surveyed had north of 25% of their wealth in cryptos, almost 35% have more than half of their money invested in digital assets.
The results of the survey show a serious divide when looking at investment vehicles by different generation groups. One of the reasons for this is likely the fact that younger investors who had more faith in the rising crypto trend increased their net worth significantly by buying in early.
Crypto adoption surging
It is reasonable to assume that many of these younger millionaire investors achieved that status by investing early in cryptocurrencies in the first place.
Millionaires of all ages report that only 17% of them own any crypto. While more than three-quarters own none. Of those who do own digital assets, just 10% have more than 10% of their wealth in crypto.
CEO of Spectrum Group, George Walper, concluded that “The younger investors jumped on it early when it was not as well known. The younger investors were more intellectually engaged with the idea even though it was new.
Older investors and the boomers were largely saying ‘Is this legit?” Spectrum Group conducted the online Millionaire Survey between April and May.
It is clear that younger investors have embraced the trendy world of digital currencies and digital assets such as non-fungible tokens (NFTs). In fact, a majority of millionaires of older generations didn’t even know what an NFT was.
The NFT divide
On the topic of NFTs, the survey uncovered that within the millennial generation of investors, opinions are divided on digital collectibles. A third of those polled believed that NFTs are merely a passing fad while the rest believe they are part of the future of digital assets. Almost half of those polled own NFTs while an additional 40% don’t but have considered investing in them.
Meanwhile, CNBC reports that a staggering 98% of millionaires from the baby boomer generation don’t own NFTs and aren’t interesting in the idea. Walper stated that “NFTs have only recently started to be part of the media coverage, so the older generations are further behind on the understanding.”