Recent survey suggest 83 percent of millennial millionaires now own cryptocurrency

The year 2021 has proven to be the year of cryptocurrency adoption, with big business investing in cryptocurrencies and millennials turning multimillionaires becoming familiar headlines.

A new CNBC poll has found that a majority of millennial multimillionaires have invested a large portion of their portfolio in crypto and intend to keep doing so in 2022. The survey polled investors with assets worth $1 million or more, and 83% of those polled millennial millionaires said they had invested in cryptocurrencies.

On the other side, 24 percent of crypto investors hold less than 20% of their money in cryptocurrency. A fifth of respondents had invested more than half of their assets in cryptocurrencies. While many may find the poll results surprising, those who have followed the crypto boom since 2021 would understand how a group of TikTok investors made millions in meme-based currencies.

On the other hand, in terms of investing, a CNBC poll revealed an even greater age gap. Millennials are putting up to 50% of their assets in cryptocurrency, whereas only 4% of the older generation does so.

According to a survey conducted by CNBC, the entrance of younger investors into the emerging cryptocurrency market may be a challenge for wealth managers. He thinks that these traditional fund managers will have to reconsider their techniques towards these prospective investors. He said: “I’m not sure the wealth management industry has recognised 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 younger generation, on the other hand, is more willing to take risks with cryptocurrencies rather than traditional markets. According to the survey, 48% of millennial millionaires intend to increase their cryptocurrency holdings while 38% intend to hold them and just 6% plan to reduce their crypto exposure in the next year.

Aside from the fact that there has been a dramatic increase in crypto millennial millionaires in the US, Australia has seen a 10% rise in crypto adoption over the last year. According to The 2021 Independent Reserve’s Cryptocurrency Index (IRCI), which interviewed 2000 people, crypto investment among Australians has increased to 28.8 percent, up from 18.

Wealth managers are being forced to reconsider their investments in light of the generational divide. As technology becomes more sophisticated, it is becoming increasingly difficult to serve both younger and older investors equally. Younger generations have a higher investment risk tolerance which can lead them down the path for risky investments like cryptocurrencies. If you’re struggling with how to calculate your cryptocurrency taxes, take advantage of our Crypto Tax Calculator Australia service today!