Old Investors Are Skeptical Of Crypto, Millennials Prefer Investing Their Money In Cryptocurrencies

JAKARTA – The new millionaire from the millennial generation who has wealth in the form of crypto is considered to be buying cryptocurrency again at the beginning of this year. Some time ago, CNBC conducted a survey and revealed that most millennial millionaires plan to invest their money in crypto.

“Most millennial millionaires have most of their wealth in crypto, and they plan to add more by 2022 despite the recent price drop, according to the CNBC Millionaire Survey.”

The survey revealed that millennials who have investable assets of 1 million US dollars or more actually choose to invest in the digital space, including crypto.

“A full 83 percent of millennial millionaires own cryptocurrency...”

More than half (53 percent) have at least 50% of their wealth in crypto and nearly a third have three-quarters of their wealth in Bitcoin, Ethereum and other types of cryptocurrencies, according to the survey.

Millennials' acceptance of crypto assets and blockchain-focused investments is in stark contrast to the older generation of investors, according to the survey.

“While the older generation of millionaires remains largely skeptical of crypto and its future, cryptocurrencies have been a major source of wealth creation and asset growth for many young investors who got in early and have seen rapid returns.”

Even after the crypto market downturn in December 2021, a CNBC survey shows that millennial crypto investment isn't going downhill any time soon.

“About half (48 percent) plan to increase their holdings over the next 12 months, while another 39 percent plan to maintain their current crypto levels. Only 6 percent of millennial millionaires plan to reduce their crypto investment over the next year.”

Even so, despite the emergence of young people getting rich from crypto, surveys prove that an important factor of wealth is inheritance.

“A full 45 percent of millennial millionaires consider inheritance a factor in their wealth, according to the Spectrem survey. Among millennials worth $5 million or more, inheritance is the top factor (at 75 percent) of their wealth."