Startling! Over Half Of Millennial Billionaires Invest In Crypto

Millennial billionaires prefer to invest in crypto assets. (photo credit: pixabay)

JAKARTA - The institutional and millennial crypto investment that has turned millionaires into familiar headlines. 2021 has proven to be the year of crypto adoption.

A recent survey from CNBC has revealed that the majority of millennial millionaires have invested a large part of their portfolio in crypto and plan to continue their crypto investments in 2022.

The survey surveyed investors with assets of 1 million US dollars (Rp. 14.3 billion) or more, and 83% of those surveyed were millennial millionaires revealing that they had made crypto investments.

More than half or 53% of respondents to this survey said they hold 50% or more of their portfolio in crypto. Nearly a third of respondents have invested at least three quarters of their wealth in crypto assets.

While the results of this poll may surprise many, those who have followed the crypto boom in 2021 will know how this one generation of TikTok investors made millions of dollars investing in the meme currency.

The CNBC survey, which Cointelegraph also reports, reveals a large generation gap when it comes to investments. On the one hand, millennials invest up to 50% of their wealth in crypto, while on the other hand, only 4% of the older generation invest in digital assets and only a quarter of GenX (aged 40s) own crypto.

George Walper, President of Spectrem Group, which conducted the survey for CNBC, said the new generation's growing interest in the nascent crypto market could prove to be a problem for wealth managers. He believes these traditional managers should rethink their approach to these upcoming investors.

“I don't believe the wealth management industry has realized that they need to think of this as a completely different generation. Most companies hope to ignore it. But millennial millionaires won't just grow out of crypto," Walper said as quoted by Cointelegraph.

The survey also highlights how the new generation is willing to take more risks with crypto than investing in traditional markets. The survey revealed that 48% of millennial millionaires plan to increase their crypto investments while 38% plan to hold and only 6% plan to reduce their crypto exposure in the coming year.

Despite the surge in crypto millennial millionaires in the United States, Australia has also seen a 10% growth in crypto adoption over the past year. The 2021 Independent Reserve Cryptocurrency Index (IRCI) surveying 2000 people found that crypto investment among Australians had grown to 28.8%, up from 18.4% in 2020.