Millennial millionaires have a large share of their wealth in crypto, CNBC survey says

Younger investors also more positive about future of NFT craze

Graeme Massie
Los Angeles
Thursday 10 June 2021 20:10 BST
Comments
Bitcoin Hot in Singapore; China Widens Crypto Mining Bans
Leer en Español

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

Millionaire millennials have a large share of their wealth in cryptocurrency, according to a new financial survey.

Nearly half of millennial millionaires, 47 per cent, have at least a quarter of their wealth tied up in crypto, reports the CNBC Millionaire Survey.

And more than a third of millennial millionaires have at least half their money in digital currency, according to the survey of 750 investors with at least $1m in investible assets.

Observers say that the results of the survey show the generational divide in wealth generation from cryptocurrencies, such as Bitcoin and Ethereum, with older investors less likely to hold any.

Some 83 per cent of US millionaires have none of their wealth in crypto, and only one in ten baby boomer millionaires has more than 10 per cent of their wealth in crypto, the survey found.

“The younger investors jumped on it early when it was not as well known,” said George Walper, president of Spectrem Group, which conducted the online survey with CNBC.

“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?’”

And the wealth management industry could move from traditional investments towards crypto in the future to attract younger investors, he added.

“We’re already seeing the industry responding. We see more and more providers offering access to crypto investing. It’s changing fast.”

The NFT craze in digital art and content investing, which has grown during the pandemic, also saw a divide between younger and older millionaires.

One-third of millionaires said that Non Fungible Tokens (NFT) were an “overhyped fad”, while two-thirds of millennial millionaires said they were “the next big thing”.

“NFTs have only recently started to be part of the media coverage. So the older generations are further behind on the understanding,” said Mr Walper.

Anyone born between 1981 and 1996 is part of the millennial generation, according to US firm Pew Research.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in