Millennial millionaires hold most of their wealth in cryptocurrencies, and plan to buy more digital assets in 2022 despite recent price declines, according to CNBC’s annual “Millionaire Survey.”
The survey found that 83% of millennial millionaires own cryptocurrencies. More than half (53%) have at least 50% of their wealth in cryptocurrencies and nearly a third have at least three-quarters of their wealth in Bitcoin (BTC), Ethereum (ETH) and other types of digital coins.
The annual year-end survey polls investors with investible assets of $1 million U.S. or more (not including primary residences).
The cryptocurrency holdings of millennial millionaires stand in contrast to older generations of millionaires. Only 4% of Baby Boomers hold any cryptocurrency, while more than three quarters (75%) of Generation X investors don’t own any cryptocurrency assets, according to the survey.
The results suggest that cryptocurrencies are creating a generational divide in investing and wealth creation. While older generations of millionaires are still skeptical of cryptocurrencies, digital coins and tokens have become the primary source of wealth creation and asset growth for younger investors.
Despite the recent price declines in Bitcoin and other cryptocurrencies, millennial millionaires have no plans to dial back their investments. About half (48%) of millennials say they plan to add to their cryptocurrency holdings over the next 12 months, while another 39% plan to maintain their current cryptocurrency levels.
Only 6% of millennial millionaires said in the survey that they plan to reduce their cryptocurrency investments over the next year.
