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Wealthy Millennials Seem To Be All In On Crypto


There is no better bullish sign than this.

Millennials are the future, and it pays to go with the trend—never against it.

The great news for those bullish on crypto long term is that millennials are pretty much all in on crypto and believe it to be the future of money.

Talk is cheap though, and this would mean nothing if it weren’t for younger people putting their money where their mouths are.

Thats where this new survey from CNBC comes in, and it’s pretty revealing to say the least.

According to that report, nearly half of all millennial millionaires are holding at least 25% of their portfolio in crypto.

I am willing to wager that these figures will continue to go up, and I think this is an excellent counter argument to those who think crypto is just a passing fad.

The future is already here, and if half of wealthy young people are hedging pretty large portions of their net worth in something like crypto, then it pays to get on the train.

Take a look:

The CNBC survey revealed:

Nearly half of millennial millionaires have at least 25% of their wealth in cryptocurrencies, as the crypto boom continues to create wealth for young, early adopters, according to the CNBC Millionaire Survey.

Some 47% of millennial millionaires surveyed have more than 25% of their wealth in cryptocurrencies, according to the survey of 750 investors with at least $1 million in investible assets. More than a third of millennial millionaires have at least half their wealth in crypto.

The results highlight a new generational divide in wealth creation from crypto, with younger investors who spotted the trend early on able to earn vast fortunes and grow their existing investments from the surge in the prices of bitcoin, ether and other digital currencies.

Yahoo Finance backed up the findings of the CNBC survey:

A recent study from Piplsay found that 49% of millennials polled own cryptocurrency compared to 38% of Gen Xers and 13% of GenZ. Millennials are also more likely to adopt the investment as a form of payment, with 53% saying they are “very likely” to purchase products or services with crypto, vs. 40% of GenX polled and just 7% of GenZ.

“Millennials are growing natively with Web 2.0 — that is, mobile — and Web 3.0 (crypto) technology,” says Kurt Kumar of Rocketfuel Blockchain, a crypto payment processing company. “They intuitively understand digital wallets and treasure chests, which are part of many games younger millennials played, such as Fortnite and Minecraft.”

Beresford Research notes that the youngest millennials are 25, while the oldest in the cohort are 40. Kumar also pointed out that some of the younger members of this generation may not have credit cards or bank accounts yet, so they are instantly leveraging crypto wallets to conduct trades and transactions.

While this explanation could also apply to GenZ, it’s possible that more millennials have the maturity and knowledge to research and embrace crypto. GenZ, which ranges in age from 6 to 24, is just getting started dipping their toes into personal finance waters.

 

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