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According to a survey, 83% of millennial millionaires currently own crypto

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As per the President of CNBC's survey partner Spectrem, the generational difference in investing could cause problems for wealth managers.

Institutional crypto investments and millennials becoming millionaires have been common headlines in 2021.

According to a recent CNBC survey,  most millennial millionaires have invested a large portion of their wealth in crypto and intend to continue doing this in 2022.

The survey asked investors with $1 million or more in assets, and 83 % of the millennial millionaires showed that they had made crypto investments.

A total of 53% of the poll responders stated they own 50% or more of their holdings in crypto. Almost one-third of those surveyed had invested at least three-quarters of their wealth into crypto assets. While the survey data may amaze many, those who've been tracking the 2021 crypto market will be aware of how a generation of TikTok investors gained millions of dollars on investments in meme currencies.

In terms of investing, the CNBC survey also indicated a wide difference. On the one hand, millennials are investing up to 50% of their wealth in cryptocurrency, whereas only 4% of the old generation has invested in digital assets, and only one-fourth of GenX owns cryptocurrency.

As per George Walper, president of Spectrem Group, which surveyed CNBC, the young generation's growing interest in the embryonic crypto market could cause a problem for wealth managers. He thinks that traditional managers would reconsider their strategy to these new investors. He elaborated:

“I’m not sure the wealth management industry has recognized that they need to think of these as completely different generations. Most firms were hoping to ignore it. But millennial millionaires are not going to just grow out of crypto.”

The poll also revealed that the younger generation is more prepared to take chances with crypto rather than investing in traditional markets. According to the poll, 48 % of millennial millionaires intend to increase their crypto investments, 38 % intend to hold, and only 6 % intend to minimise their crypto exposure in the upcoming year.

Besides a rise in crypto millennial millionaires in the United States, Australia has experienced a 10% rise in crypto adoption in the last year. According to the 2021 Independent Reserve's Cryptocurrency Index (IRCI), which polled 2000 people, crypto investment among Australians has increased to 28.8%, up from 18.4 % in 2020.

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