New Survey Reveals 83% of Millennial Millionaires Own Crypto

Read the full article by Prashant Jha “Neither this post nor any other on cryptofal.com should be taken as financial advice. It is not.”

The generational gap in investments could create issues for wealth managers, says President of CNBC’s survey partner, Spectrem.
The number of crypto millionaires has grown exponentially over the past year for many reasons. The biggest reason is that institutional investors have been getting heavily involved in BTC and blockchain and accumulating as much as they can.

CNBC conveyed a survey of millennial investors with assets of $1 million or more. 83% of those polled said they owned crypto and plan to continue in 2022. 53% of them also said they had 50% or more of their portfolio in crypto. This also shows how the traditional stock market does not have the same appeal to younger generations as they are able to explore broader options.

President of Spectrum group, George Walper, thinks that the rising interest from the new generations in crypto could be an issue for traditional wealth managers. The millennial generation does not need wealth managers when they know they can manage it themselves. Another issue for the wealth managers is that most of them cannot legally offer their clients crypto nor do they have the knowledge to advise for it.

“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.”

Crypto gives you the ability to be your own bank and with the growing amount of digital information available, it makes it a lot easier now than it was before to be able to manage your own finances.

It also doesn’t hurt that some of these kids also got rich off a meme coin.