According to a recent millionaire survey, almost a third of the millennial survey participants have half of their assets in cryptocurrencies. The latest bull run created wealth for this generation and other investors that adopted Bitcoin, Ethereum, and other cryptocurrencies at their inception.
47% of millennial millionaires keep more than 25% of their assets in cryptocurrencies.
Furthermore, about half of millennial millionaires have a quarter of their assets in Cryptocurrencies and NFTs. The study interviewed 750 millennials, but baby boomers also participated, and the results showed that 83% of all American millionaires don’t hold cryptocurrencies at all. Only one in ten had more than 10% of their wealth in digital currencies.
“The younger investors jumped on it early when it was not as well-known,” said the president of Spectrem Group, George Walper. “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?’”
Around 50% of millennial millionaires have NFTs, while 40% of those without any are currently thinking about buying them.
The divide between the different generations of millionaires is even more pronounced with nonfungible tokens (NFTs). While many are not even familiar with NFTs, one in three sees them as an “overhyped fad.” Almost 98% of baby boomer millionaires don’t own NFTs and don’t plan on investing in them. The millennial opinion holds opposing values, with more than 60% of them thinking that NFTs are “the next big thing.”
“NFTs have only recently started to be part of the media coverage. So the older generations are further behind on the understanding,” said Walper.
Young millionaires could influence how wealth management organisations like private banks, investment firms, and brokers cater to new clients.
“We’re already seeing the industry responding,” Walper said. “We see more and more providers offering access to crypto investing. It’s changing fast.”
The casino industry has been among the earliest adopters of cryptocurrencies, with many online casino venues accepting Bitcoin and other cryptos for years now.