Millennial Millionaires Plan to Add to Their Crypto Investments in 2022, Reveals Survey

About 48 percent of millennial millionaires plan on increasing their crypto investments in 2022.

By Shomik Sen Bhattacharjee | Updated: 17 December 2021 17:32 IST

Millennial Millionaires Plan to Add to Their Crypto Investments in 2022, Reveals Survey

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A lot of millennial millionaires have the bulk of their wealth invested in crypto

Highlights

Most millennial millionaires hold a large chunk of wealth in crypto
Older generations of millionaires are largely sceptical about crypto
Only 4 percent of baby boomers own cryptocurrency

Millenials as investors are probably more crypto-forward than others and a survey now shows that in the US, millennial millionaires have most of their wealth in crypto, and they plan to add more in 2022 despite the recent price cut. As per the survey the crypto holdings of millennial millionaires stand in stark contrast to the older millionaire generations with only 4 percent of baby boomers owning cryptocurrency, while more than three-quarters of Gen X investors do not own any crypto.

The survey in question is one conducted by CNBC on millennial millionaires and what they indicated their investing plans would be in crypto during the upcoming year. Despite recent volatility in the market, the results show that at least this group is as bullish as ever about the space.

A millennial, per definition, is someone born between 1981 and 1996. Their willingness to be more daring with non-traditional decisions and gravitating towards digital options have also helped set them apart. The CNBC Millionaire Survey, a poll of Americans with $1 million (roughly Rs. 7.61 crore) or more in investable assets (not including residences), showed how millennials, in particular, stood out in their bullish support of crypto for the next year.

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Showing their affinity for all things digital, 83 percent of millennial millionaires surveyed indicated they owned some crypto. By comparison, only 16 percent of Americans have reported ever owning or using cryptocurrencies during their lives. Of the 83 percent of millionaire millennials that own crypto, 53 percent have at least half of their wealth tied up in digital assets. Meanwhile, almost a third have at least 75 percent of their wealth in cryptocurrency.

It feels fair to assume that millennial millionaires know a little something about crypto given how many are invested, and heavily at that. Therefore, their apparent continued bullishness would appear to be a very positive sign. About 48 percent of that group confirmed they plan to increase their crypto investments in 2022, while 39 percent said that they will maintain at their current levels. In fact, only 6 percent reported plans to lessen their crypto exposure next year.

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Now, it is nearly impossible to predict the future of crypto, but seeing what investors with larger portfolios and a higher level of comfort in the space are doing gives an interesting perspective on possible outcomes. Millennials are one of the most crypto-friendly groups of people in the world and their current plans on how they will be investing in 2022 is a sign that they believe a good year could be in store.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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