Results of the CNBC Millionaire Survey reveal that millennials are heavily investing in the crypto markets.
The survey, which polled 750 investors with at least $1 million in investable assets, shows that nearly half of millennials (47%) have at least a quarter of their wealth in cryptocurrencies. The poll adds that over a third of millennial millionaires have invested at least 50% of their wealth in cryptocurrencies.
In contrast, older millionaires tend to stay away from the crypto market, with only 10% having more than a tenth of their wealth in cryptocurrencies and 83% having no investment in the nascent asset class at all.
George Walper, president of Spectrem Group, which conducted the survey, says the growing interest of younger investors in crypto assets is causing a shift in the financial industry.
“The younger investors were more intellectually engaged with the idea even though it was new. Older investors and the boomers were largely saying, ‘Is this legit?…
We see more and more providers offering access to crypto investing. It’s changing fast.”
The survey also unveils a more distinct divide between younger and older millionaires when it comes to non-fungible tokens (NFTs) or digital assets that have cryptographic properties that enable the blockchain to verify the ownership of authenticity of the item.
While 98% of baby boomer millionaires say they do not own or consider owning an NFT, nearly half of affluent millennials own NFTs and 40% say they’ve consider owning one. In addition, two-thirds of millennial millionaires think that NFTs “are the next big thing.”
Meanwhile, most millionaires say they do not even know what an NFT is and more than a third think it is just an “overhyped fad.”
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