Survey shows millennial millionaires have their stashes in crypto and plans to add more cryptos to their portfolios in 2022
Crypto Asset’s Appeal
In a survey conducted by CNBC, more than 83% of millennial millionaires own crypto assets and more than half of those surveyed have more than 50% of their wealth in crypto assets.
CNBC Millionaire Survey polled investors with assets of more than $1 million, not inclusive of their primary residence.
The survey shows a generational divide between baby boomers and millennials when it comes to their perception of crypto assets.
Baby boomers are those born between 1946 and 1964. Millennials are those born in the 80s, 90s or early 2000s.
Only 4% of those surveyed from the category of baby boomers hold crypto assets.
Close to half of the millennial millionaires surveyed plan to add to their holdings in the next 12 months. 39% plan to maintain their existing crypto stash.
George Walper, the president of Spectrem Group, in a discussion on the result of the survey, said that millennials seem to be comfortable with the volatility.
Investing and Wealth Creation
The survey shows that there is a stark difference between the two generations.
There is a general skepticism of crypto assets and its future for the older generation.
The difference in perception could be largely attributable to the risk profile of the investors. Younger investors are less risk averse and are prepared to accept risks for quicker returns.
The massive volatility in crypto assets is one of the main reasons why the older generation finds crypto assets unappealing.
Plausible Hypothesis
The younger generation grew up with the internet and are better accustomed to the digital world.
Cryptocurrencies are digital assets and may not have any physical attributes.
Assets to the older generation like gold or real estate are ‘real’ because it has a physical form and is visually ‘present’.
Age plays an important role in forming the perception of value.
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