New survey reveals most young millionaires own crypto

As institutional investors and millennials turning millionaires become familiar headlines, 2021 is proving to be an important year for crypto adoption.

New survey reveals most young millionaires own crypto

As institutional investors and millennials turning millionaires become familiar headlines, 2021 is proving to be an important year for crypto adoption.

CNBC research has found that most millennial millionaires have invested a significant portion of their portfolio in cryptocurrency and plan to continue investing in it in 2022. Eighty-three percent of the millennial millionaires surveyed said they had invested in crypto, according to a survey of investors with assets of $1 million or more.

Over half (53%) of those who responded to the survey said they held at least 50% of their portfolios in cryptocurrencies. One third of the respondents own at least 75% of their wealth in crypto assets.

Some may be surprised by the poll results, but those who have been following the crypto boom of 2021 know how a generation of TikTok investors made millions of dollars investing in meme-based Crypto assets.

CNBC's survey also revealed a huge generational divide in terms of investing. As high as 50% of millennials' wealth is invested in crypto, while only 4% of the older generation and only 25% of GenX have invested in digital assets.

Wealth managers may face challenges as the new generation's interest in the nascent crypto market increases, according to George Walper, president of Spectrem Group, which conducted the survey for CNBC.

"Traditional managers would need to rethink their approaches to these upcoming investors," he says.

His opinion is that the wealth management industry hasn't yet realized that these are completely different generations. Many firms mistakenly ignored this fact. But millennial millionaires won't grow out of crypto overnight.

According to the survey, new generations are more willing to take risks with crypto than they are with traditional markets.

Millennial millionaires plan to increase their crypto investments by 48% in the coming year, while 38% intend to hold and only 6% intend to reduce their crypto exposure