TL; DR Breakdown
- CNBC survey report says millennial millionaires will buy more crypto in 2022
- The survey considered various aspects of the market
- Millennials wary about inflation effects
In the last few years, more people have used digital assets for investments rather than payments. This is mainly down to the massive profits of holding several digital assets. In the same vein, millennials have continued to push the adoption of the assets, holding a greater amount of digital assets. However, as per a CNBC survey, millennial millionaires holding most of the crypto in circulation are planning to buy more assets by 2022.
The CNBC survey considered various aspects of the market
The CNBC survey considers the market sentiment spread across various sectors of the economy in its report. The report shows that millennials are wary of inflation, and it is the one factor that is limiting the growth of the economy. Also, another risk regarding this is the dysfunction on the part of the US government. Both inflation and dysfunction were tied in a poll carried out, taking up 23% of the votes apiece.
The CNBC survey report shows that more than 80% of millennial millionaires have their hands on one form of digital assets or another. However, another part of the report shows that about half of that figure has set its sights on purchasing more digital assets by next year.
Also, 6% of the participants have mentioned that they would not buy but would rather sell part of their crypto holdings. The report also mentioned that more than 50% of the surveyed group have about half of their wealth in diverse digital assets. Meanwhile, one in three participants in the CNBC survey said about 75% of their wealth had been pushed into buying digital assets.
Millennials wary of inflation effects
Talking about inflation, the CNBC survey report said that most of the surveyed millennials believe that inflation is here to stay. Meanwhile, 45% of the participants believe that people need to worry about its effects. However, about 59% of the surveyed group noted that they believe the fed has what it takes to conquer inflation.
The report also noted that the millionaires view the impending inflation much differently than the average trader. According to a statement by CNBC’s Editor, while the millionaires are jittery about inflations affecting their investments, average traders are skeptical about the increase in the price of goods and services.
The report also claims that millionaires interested in entering the crypto market have increased slightly. In a previous CNBC survey, the number of millennials willing to enter the crypto market was around 50% and has now risen to 53%. The report also claims that more older millionaires tend to shy away from investing in digital assets, making it look like a millennial thing.