There is still a generation gap in how people prefer cryptocurrency as an investment or store of value. Millennials are at the forefront of the use decentralized technologies, especially for millionaire investors.
The CNBC Millionaire Survey’s latest edition revealed that the majority of millionaires in their twenties have made investments in cryptocurrency and plan to increase them in the coming months.
Millennials Love Bitcoin
This survey measures market sentiment in different areas of the economy. According to the survey results, inflation is the main concern of millennials. They see it as a threat for the growth and development of the economy. Ironically, the US Government Dysfunction is the second-most significant risk. They account for 23% of total votes.
According to the survey, 83% of millennial millionaires have cryptocurrencies. 48% expect to purchase more cryptocurrencies in 2022. Only 6% of respondents expect to decrease their holdings.
Results also revealed that 53% of the millennial millionaires have more than 50% of their wealth in cryptocurrency. A third of millenials also stated that they have at least 75% invested in cryptocurrency.
Inflation is a concern that most millennials think will continue. 45% of them are more concerned. However, the majority of millennials are optimistic about the future economy and have 59% confidence that the Fed can manage inflation.
It is important to remember that millionaires see inflation in a different way than the rest of the population. Robert Frank, CNBC Wealth Editor explains that, while most people worry about inflation’s rising prices, millionaires are more concerned about rising interest rates and the impact on their investments.
The Generational Breach and Cryptocurrencies
Over time, millennials have become more interested in cryptocurrency. An earlier Cryptopotato report revealed that 50% of millennial investors had Bitcoin. This accounted for 30% of all respondents to the June issue. The increase to 53% indicates an increase in interest, regardless of price.
It seems that cryptocurrency love is not a millennial phenomenon. As people age, their confidence in this asset class decreases. Cryptopotato conducted a survey and found that Xennials (those aged 40 or older) allocated 9.2% of their assets. Generation X’s exposure, however, is only 6.3%. Generation X is ahead of the Millennial Generation.
The preference for Bitcoin investments among Baby Boomers and older generations is very low, with an average investment of 10% among the top 10%.
Marla Brooks – Financial Analysis
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