New Research: 83% of Millennial Millionaires Own Crypto

2021 has turned out to be the year of crypto adoption. It was the year when institutional investors invested in cryptos en masse, but wealthy millennials increasingly own cryptocurrencies as well.

Growth in crypto adoption

A new survey from theCNBC revealed that a majority of millennial millionaires have invested some of their wealth in crypto. In addition, they plan to continue their crypto investments in 2022. The survey surveyed investors with assets of more than $1 million. 83% of millennial millionaires surveyed said they had made crypto investments.

The CNBC survey also revealed a huge generational investment gap. On the one hand, you have millennials who invest 50% of their wealth in crypto and on the other, you have the older generation who have invested 4% of their wealth in digital assets. Only a quarter of GenX owns crypto.

George Walper, president of Spectrem Group who conducted the research for CNBC, said the rising interest of the new generation in the crypto market could be a problem for asset managers. He believes these traditional managers should rethink their approach to these emerging investors. He explained:

“I’m not sure the wealth management industry knows to see these generations as completely different generations. Most companies hoped to ignore it. But millennial millionaires will not just outgrow the crypto world.”

Take more risk

The research also highlighted how the new generation is willing to take more risks with crypto than investing in traditional markets. The survey found that 48% of millennial millionaires plan to increase their crypto investments. While 38% plan to keep it and only 6% plan to reduce their crypto exposure in the coming year.

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In addition, Australia has also seen a 10% growth in crypto adoption over the past year. The Independent Reserve’s 2021 Crypto Currency Index (IRCI), which surveyed 2,000 people, found that crypto investment among Australians has grown to 28.8%. This is an increase of 18.4% in 2020.

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