Wednesday, August 10

83% of Generation Y millionaires invested in cryptocurrencies

A survey conducted by CNBC he pointed out that 83% of Generation Y millionaires, born between 1981 and 1996, in the US invested in cryptocurrencies. In addition, the vast majority of this generation does not plan to change their cryptocurrencies anytime soon, on the contrary, they want to buy more.

The investment contrast between generations X and Y may be related to technology, as the latter is much more inclined to use cryptocurrencies, as a store of value or as a currency.

In addition, another point that may be crucial in this decision is the high inflation in the US, which has reached values ​​not seen for 40 years. In this way, many are preferring to use a currency that has a fixed control over its offer, such as Bitcoin.

generations contrast

In addition to more millionaire millennials being more attached to cryptocurrencies such as Bitcoin, the survey also shows that the wealth of more than half of them is concentrated in cryptocurrencies than in fiat currencies such as the dollar.

Millennial and baby boomer investments in cryptocurrencies. Source: CNBC

While the portfolio of 30% of Generation Y millionaires, known as millennials, is made up of at least 74% in cryptocurrencies, only 4% of baby boomer millionaires, born between 1950-1964, invest in them, with a much smaller share in their portfolios.

This shows the contrast between these generations, suggesting that while older people aren’t as keen on technology, younger generations will be the ones who will take the most advantage of cryptocurrencies like Bitcoin, which doesn’t depend on any government to exist.

Generation Y will continue to invest

The CNBC survey also points out that only 6% of these millionaires intend to reduce their investments in cryptocurrencies. Another 39% intend to keep their current positions and 48% of them want to buy even more cryptocurrencies in the next twelve months.

Intention to invest in crypto by Generation Y millionaires. Source: CNBC

This flight to a supply-constrained currency could be largely linked to high US inflation reaching worrying proportions. With a cumulative 6.8% in the last twelve months, this is the highest rate since 1982, when the first millennials were born.