Industry News

Most rich millennials keep their wealth in crypto – Survey

TL;DR Breakdown

  • Rich millennials have quarter of their wealth in Bitcoin
  • Crypto under accepted in U.S

Close to half rich millennials have invested about 25 percent of their wealth in cryptocurrencies.

This is as 47 percent of young investors who own at least $1 million in their portfolio responded that they had locked a large share of their funds in cryptocurrencies.

CNBC reported the survey revealing this surprising statistic. The survey which was conducted by Spectrum Group had 750 respondents as around half the number who are millionaires responded that they have staked at least 1/4 of their wealth in cryptocurrencies. In comparison, more than 30 percent of them have located at least half of their assets in crypto.

In a twist, older investors who are millionaires are not fond of digital assets as 83 percent of them do not believe in the crypto market and have none of their wealth in it. The real data among the old rich people shows that only 1 in every 10 keeps more than 10 percent of their funds in cryptocurrencies.

Unsuprisingly, nearly half of rich millennials revealed owning NFTs while 40% consider it as a future option.

Rich millennials dominate as crypto still largely under adopted in U.S

According to a survey conducted by Gemini Exchange owned by the Winklevoss twin, only 14 percent of Americans had purchased digital assets. Two-thirds of the respondents classified themselves as ”crypto curious” while 23 went into the “disinterested” graph.

However, the number one crypto leads the pack of most invested crypto coin. BTC remained the most popular cryptocurrency as nearly all questioned people (95%) answered that they are familiar with it. 87% of those who have invested said that BTC is what they own. The Americans showed good knowledge of altcoins too, as 36% have put some of their wealth in ether (ETH), 22% in Bitcoin Cash (BCH), and 16% in Litecoin (LTC).

Similar to CNBC report, Gemini noted that most crypto investors are young people (rich millennials) between 25 and 44.

This post was last modified on June 12, 2021 9:01 pm

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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