Despite cryptocurrency prices recording a recent fall, a majority of millennial millionaires have their significant amount of wealth stored in virtual currencies. They are even planning to add more wealth in cryptocurrencies in coming year as the popularity of digital currencies is rising, as per a survey.
The survey’s findings are completely in contrast for older generations of millionaires who own just a minuscule percentage of any cryptocurrency. The survey includes investors with investible assets of US$1 million or more (excluding primary residences).
According to the CNBC Millionaire survey:
- 83% of millennial millionaires own cryptocurrencies.
- Over half (53%) have at least 50% of their wealth in crypto and nearly a third have at least three-quarters of their wealth in different types of cryptocurrencies.
- Only 4% of baby boomers hold any cryptocurrency.
- Over three quarters of Gen X investors don’t own any crypto.
Source: © Aoutphoto | Megapixl.com
On the other hand, about 48% of the millennial millionaires have plans to add to their holdings over the coming 12 months. Another 39% plan to maintain their current crypto levels. Just 6% plan to cut down their crypto investments in 2022.
Meanwhile, after hitting an all-time high of US$68,000 in November, Bitcoin is down 30%. It is the same price level as October. On Friday, Bitcoin prices fell as low as US$46,501, down 4%. Since its November peak, the cryptocurrency market has lost nearly US$1 trillion of its value.
According to experts, cryptocurrencies along with other riskier assets have seen their value falling in the past few weeks on account of global banks tightening their monetary policies amid rising inflation.
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