A new survey shows that nearly half of millennial millionaires have at least a quarter of their wealth in cryptocurrency. It comes at a time of unprecedented prosperity for virtual currencies, creating wealth for young people and those who trust Bitcoin, Ethereum, etc. and adopt them in the early stages. The study shows that among the 750 millennial millionaires surveyed, nearly 47% of their wealth exceeds 25% in cryptocurrencies. The survey shows that not only that, among respondents who have at least US$1 million (about Rs 731 crore) in investable assets, nearly 33% of their wealth is in digital currencies.
The study also showed that there is a generational gap between young and older millionaires in terms of wealth creation. For example, the survey shows that 83% of American millionaires have zero virtual currency wealth, and only about 10% of them have invested more than 10% in encrypted assets.
George Walper, President of Spectrem Group, conducted an online millionaire survey with CNBC in April and May. He stated that the younger generation started using cryptocurrencies very early when they knew little about cryptocurrencies. “Although this idea is new, younger investors are more involved in this idea. Older investors and baby boomers are mainly saying,’Is this legal?'” CNBC quoted him as saying.
In the field of cryptocurrency, NFT (non-homogeneous token) mania has also swept the world, especially the younger generation. The same survey clearly shows that the generational gap is more pronounced, especially in terms of NFT. Although most American millionaires don’t know what NFT is, nearly two-thirds of millennial millionaires say they will become the “next big thing.” More than one-third of people said that NFT is an “excessively hyped fashion.”
Of the 750 millennial millionaires, almost half said they have an NFT, while 40% said they do not have it now, but have considered it. Up to 98% of the other type of millionaires, the baby boomers (born between 1946 and 1964) did not have an NFT, and did not consider it. Volper said the reason is that NFT has only recently begun to be part of the media coverage. “So, the older generation lags further behind in understanding.”
Speaking of Bitcoin, it is the oldest and most popular cryptocurrency in the world. Although experts, critics and skeptics have regularly issued warnings and expressed their opinions, in the past six months, India and the world The rapid rise in the price of Bitcoin still doubts its livelihood.
In April, the virtual currency hit a record high of nearly 65,000 U.S. dollars (approximately 4.73 million rupees), soaring by more than 450% in just six months. Since then, the price of Bitcoin has plummeted, losing more than half of its value. Large fluctuations have been a hallmark of cryptocurrency trading in 2021. Read more about Bitcoin’s journey of highs and lows this year here.