Almost half of millennial millionaires own at least a quarter of their wealth in cryptocurrencies, a new survey shows. It comes at a time when virtual currencies have boomed like never before, creating wealth for young people as well as those who trusted and adopted Bitcoin, Ethereum, and others early on. The study found that nearly 47 percent of the 750 millennial millionaires surveyed had over 25 percent of their wealth in cryptocurrencies. In addition, nearly 33 percent of respondents with at least $ 1 million (approximately Rs 7.31 billion) in investable assets had half of their wealth in digital currencies, according to the survey.
What the study also shows is the generation gap in wealth creation among younger and older millionaires. For example, the survey showed that 83 percent of American millionaires have no assets in virtual currencies and only about 10 percent of them had more than 10 percent invested in crypto assets.
George Walper, President of the Spectrem Group that ran the online millionaire survey with CNBC in April and May said the younger generation switched to cryptocurrencies early when little was known about them. “The younger investors were more intellectually involved with the idea, even though it was new. Older investors and the boomers mostly said, ‘Is this legitimate?’ “CNBC quoted him as saying.
And a lot in the direction of Cryptocurrency, the NFT (non-fungible token) Mania has also taken the world by storm, especially the younger generation. The same survey makes it clear that the generation gap is stronger, especially when it comes to NFTs. While most American millionaires had no idea what an NFT was, nearly two-thirds of millennial millionaires say they are going to be the “next big thing”. More than a third of those surveyed say that the NFTs are “overly hyped fad”.
Nearly half of the 750 millennial millionaires said they own NFTs, while 40 percent said they don’t now but have considered them. A whopping 98 percent of another category of millionaires, the baby boomers (born between 1946 and 1964) didn’t own or think about NFTs. The reason, Walper said, is that NFTs have only recently been part of media coverage. “So the older generations are further behind in understanding.”
Speaking of which Bitcoin, the oldest and most popular Cryptocurrency is traded in the world that Bitcoin price in India and the world has seen a meteoric rise in value in the past six months, despite experts, critics and skeptics regularly warning and voicing their doubts about its existence.
In April, the virtual currency hit an all-time high of nearly $ 65,000 (about 47.3 lakh), a massive increase of over 450 percent in just six months. Since then, Bitcoin prices have plummeted, losing more than half of their value. Massive fluctuations were a hallmark of cryptocurrency trading in 2021. Read about Bitcoin’s journey of ups and downs this year Here.