CNBC Survey: Most Millennial Millionaires Own Cryptocurrencies at 83%
Brian Njuguna Dec 17, 2021 09:40
Based on the technological innovations revamping the world like cryptocurrencies, millennials have been at the forefront to embrace them, as cited by CNBC Millennial Millionaire Survey findings.
Based on the technological innovations revamping the world like cryptocurrencies, millennials have been at the forefront to embrace them, as cited by CNBC Millennial Millionaire Survey findings.
The study noted that millennials had higher levels of cryptocurrency portfolio holdings than baby boomers, with 83% of millennial millionaires owning digital assets. Furthermore, 48% of them expect to increase their crypto investments in 2022, with only 6% anticipated to decrease their holdings.
The insights gained also entailed 53% of the millennial millionaires staking 50% of their wealth in cryptocurrencies.
The survey gauged various economic parameters in the market. For instance, inflation was the primary driver of millennials’ investment in cryptocurrencies because they deemed them as inflationary hedges.
Millennials represent a group of people born between 1981 and 1996. They are usually tech-savvy, confident, ambitious, and achievement-oriented.
The correlation between cryptocurrencies and millennials has been robust to the extent that the former senator for South Australia, Cory Bernardi, disclosed that he had joined the Bitcoin network because it was the millennial’s version of gold.
Therefore, industry experts have correlated Bitcoin with millennials because they are prone to adopting crypto-assets and tech stocks, while older investors tend to favour gold.
In 2020, billionaire investor Tim Draper advised millennials to invest in Bitcoin as this would be their pathway to wealthy and successful retirement life. He was of the idea that Bitcoin would be a game-changer for young people because cryptocurrencies would be part of the world financial system's future.
Kraken Exchange, a leading US-based crypto exchange, had also revealed that Bitcoin's price could shoot through the roof and hit $350,000 by 2044 if millennials were to invest more than 5% of their inherited wealth into this digital asset.
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