Nearly half of millennial-generation millionaires have at least 25% of their wealth in cryptocurrencies, according to data from CNBC’s survey. The poll included 750 respondents with investment assets of at least $1 million.
More than a third of wealthy young investors hold at least half of their wealth in cryptocurrencies.
The results showed a generational gap in attitudes toward digital assets. 83% of American millionaires do not own cryptocurrencies at all; only one in ten holds more than 10% of their wealth in them. Not a single Baby Boomer or older generation member owns a stake of 10% or more in virtual currencies.
Age differences are even more pronounced when it comes to non-fungible tokens (NFTs). Most millionaires do not know what they are, and more than a third consider this asset type an ‘overhyped fad’.
Yet two-thirds of wealthy millennials described NFTs as ‘the next big boom’.
Nearly half of young respondents own NFTs, and 40% are considering such investments. By contrast, 98% of Baby Boomer respondents said they do not own such assets and do not plan to acquire.
Earlier in the pandemic, JPMorgan analysts noted that millennials prefer Bitcoin as an alternative asset, while older generations prefer gold.
A Tokenist study showed that younger people trust Bitcoin more than banks.