Almost 50% Of Millennial Millionaires Have A Large Portion Of Their Wealth In Crypto
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The financial landscape in America seems to be changing before our very eyes. Every day new millionaires emerge from the world of cryptocurrencies and meme stocks. But just as quickly as Bitcoin or Dogecoin seems to surge and make a new millionaire or billionaire, cryptocurrencies have the ability to drop in a moments notice causing a lot of people to hold the bag or sell for a substantial loss.
One generation seems to be unfazed by the volatility in crypto, embracing it with hopes of seeing their wealth reach new heights.
According to a recent survey by CNBC, millennial millionaires are holding a substantial amount of their wealth in cryptocurrencies. How much is substantial? Well, a third of all millennial millionaires are holding at least 50% of their wealth in a form of crypto. And 47% percent of all millennial millionaires have at least 25% of their wealth tied up in it as well.
Those are not small percentages. Certainly not the 5-10% that some experts say you should risk.
Does this point to a larger trend?
According to Yahoo Finance, it does not.
“Millionaires of all ages report that only 17% of them own any crypto. While more than three-quarters own none. Of those who do own digital assets, just 10% have more than 10% of their wealth in crypto.”
What is also worth noting is that while Millennials and Gen-Z will eventually hold the majority of the wealth in this country, they are currently only controlling a combined 5% of all wealth in the U.S. So mass adoption from the wealthiest Americans could still be years away.
The study also dove into NFTs and, as you might imagine, the results are fairly similar. More accurately, they are even more lopsided. As 98% of baby boomers millionaires either don’t own NFTs and aren’t interesting in the idea of them.