Why Are Millennials Heavily Investing in Crypto?
The unending crypto frenzy seems only to have gotten popular for a good reason. This digital asset has made more millionaires in the last two years than anything else regarding cryptocurrencies. Most millennials see cryptocurrencies as one of the few ways to make large amounts of wealth, setting them up nicely for the future.
Let's Crunch the Numbers
A recent CNBC survey with Spectrum Group found that most millennial millionaires made their fortunes through cryptocurrency investments. Many of these investors say the crypto market will see more gains.
Let's crunch the numbers; about 41% of cryptocurrency millionaires feel the economy will only strengthen in 2023, with some 35% saying it will likely weaken.
Over 83% of all millennial millionaires made their wealth through crypto investments, with over 53% making money through these digital tokens. One-third keep is still holding Bitcoin or Ethereum coins.
Around 12% of millennials say holding Bitcoin and other crypto tokens is an ideal investment for long-term holdings. But about 75% used some tip of generational wealth or inheritance to invest and make their millions, which is an inaccurate representation of every millennial.
Looking to the Future
There's a definite divide between younger and older generations regarding cryptocurrencies. Many older millionaires are, at best, cautious when investing in these digital tokens. At the same time, millennials see crypto as a no-brainer, with many having it as their sole investment.
Over 48% of millennial millionaires expect to expand their crypto tokens in the next 12 months, with another 39% planning to maintain their holdings. In contrast, only 6% of millennial millionaires plan to decrease their cryptocurrency tokens next year.
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