A new survey by CNBC reveals that a majority of millennial millionaires have invested a good portion of their wealth in cryptos and plan to invest even more in the coming year, despite the recent price declines.
According to the survey, which polled investors with investible assets of US$1 million or more, over half – 53 percent – of respondents indicated that they hold 50 percent or more of their portfolios in crypto investments, with one-third of respondents having already invested at least three-quarters of their portfolios in crypto assets. This is in stark contrast with older generations of millionaires, as only 4 percent of baby boomers hold any cryptos whatsoever and 75 percent of Gen X investors own none at all.
Millennials Bullish on Cryptos
The survey results suggest that cryptos are causing a vast generational divide between investing and wealth creation. While cryptos have become the primary source of wealth creation and asset growth for many younger investors who got in early and saw massive returns, older generations of millionaires are still largely sceptical of digital wealth.
George Walper, president of Spectrem Group – who conducted the survey on behalf of CNBC – noted that rising interest in the cryptos market could become an issue for wealth managers, stating:
I’m not sure the wealth management industry has recognised that they need to think of these as completely different generations. Most firms were hoping to ignore it. But millennial millionaires are not going to just grow out of crypto.
George Walper, president, Spectrem Group
The survey has also highlighted the risk appetite of younger generations regarding crypto investments, with 48 percent of millennial investors planning to add to their crypto portfolios in the coming year, while 38 percent plan to hold. Only six percent indicated that they intend to reduce their crypto exposure in 2022.
Australian Investors Increasingly Interested in Cryptos
Australia is becoming one of the market leaders in terms of crypto adoption, especially among its millennial population, with cryptos expected to overtake fiat in Australia by 2029. During the past year, the country has seen a 10 percent growth in crypto adoption, up from 18.4 percent in 2020.
Recently it was revealed that Australians seem to be increasing their interest in alternative investments, with 40 percent of millennials opting for digital asset investment over traditional assets such as real estate. A new report also reveals that Australians have accumulated over A$7 billion in cryptos assets, with 31 percent of the Gen Z population leading the investment charge.
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