A new survey by mainstream news channel CNBC’s partner shows that an overwhelming majority of rich millennials now own Bitcoin. According to Spectrem, the survey conducting organization, around 83% of all millennial millionaires now own it as part of their portfolio.
Millennials are the next generation of workers who are slowly, but surely taking control of the economy from the baby boomers (born between 1950-1970) and to some extent from Generation X (born between 1970-1985). Within a few years, they will be the mainstay workforce of the world and what they are indulging in right now will become the standard as they replace the legacy generations. The case of crypto adoption is strong within the millennial population, many of whom entered the sector as teenagers and young adults. While millennials overall are interested in the crypto sector, the richer segments of this demographic are even more tilted towards the advent of the digital currency sector.
According to the survey by Spectrem, the mindset of millennials is clear; they see Bitcoin and to some extent other cryptocurrencies as the present and future. In addition to the 83% millennials involved in the sector, millennials worth $1 million or more are heavily involved in owning and transacting with Bitcoin. Around 53% of them stated that more than 50% of their entire portfolio is in crypto. Around 32% of the respondents went one step ahead further and stated that they have around 76% of their portfolio in crypto. This result means that not only an overwhelming number of rich millennials are involved in the crypto sector, many of them are betting most of their multi million savings into Bitcoin and believe it can be a great investment for the short-term and long-term future.
When compared to other generations, millennials are indeed much more invested in the crypto sector. While millennials on average have around 50% of their portfolio in crypto, both Generation X and Boomers are lagging far behind. Only 25% of Gen X has invested into crypto and only 4% of baby boomers have done so.
According to George Walper, the lead organizer of the survey, the sharp difference between the millennials and previous generation means there is going to be a fundamental shift in investing dynamics in the near future and wealth managers need to take a note of it. While most of the wealth is still owned by the older age groups, they will soon leave them for the millennials in a large wealth transfer. That is when the need for effective wealth managers in the near future will arise.
Image Source: pixabay.com
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