17 Dec 2021 Josphat Kariuki
Millennials Love Bitcoin, A Survey States
Cryptocurrencies became among the hottest topics in 2021, especially with the emergence of meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB), which were aimed primarily at the younger generations.
In contrast, institutional investors are still hesitant about embracing cryptocurrencies and the technology behind them, despite some banks and fund managers already showcasing how cryptos can bring positive results.
Nevertheless, a survey from CNBC showed that 83% of millennial millionaires have invested in cryptocurrencies, while almost half of them expect to increase their holdings in the upcoming year.
It turns out that inflation is the number one concern among Millennials, as almost half of them express some degree of fear about the phenomenon becoming a permanent event. However, millennial millionaires are optimistic about the Federal Reserve is capable of mitigating the consequences of the increased inflation.
However, crypto millionaires are looking at inflation differently than the majority of the population. As for households, the fear factor comes with the inevitable price increases when inflation strikes, millionaires worry about rising interest rates and how that affects their investments.
A further look in CNBC’s survey shows that 53% of millennial millionaires currently have over half of their wealth in some sort of cryptocurrencies.
A third of the Millennials admit they have over 75% of their wealth in cryptos.
Meanwhile, Millennials seem to be increasing their lead ahead of other generations, since as generations get older, confidence in this asset class declines. For example, the 40-year-old, also called Xennials, allocated roughly 9,2% of their total investment portfolio, while the 90’s kids or Generation X currently holds a mere 6,3% of their investment portfolio in cryptocurrencies.
As far as a favorite currency, Bitcoin is the most preferred investment asset for all generations.
Around 60% of each group chose the market leader, with around 70-70% of respondents noting that they have gained from their crypto investments. Ethereum is second for Millennials and Generation X. However, 40-year-olds are taking a rather different approach, since Ethereum is their fourth choice, with Bitcoin Cash and Dogecoin in front of the altcoin leader.
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