Millennial millionaires say they plan to add more crypto in 2022 (Sponsored by Fidelity)
Most millennial millionaires have the bulk of their wealth in crypto, and they're planning to add more in 2022 despite the recent price declines, according to the CNBC Millionaire Survey.
The crypto holdings of millennial millionaires stand in stark contrast to older generations of millionaires. Only 4% of baby boomers hold any cryptocurrency, while more than three quarters of Gen X investors don't own any crypto, according to the survey.The results suggest that crypto is creating a vast generational schism in investing and wealth creation.
Despite the recent price declines in bitcoin and other crypto, millennial millionaires have no plans to dial back their crypto investing. About half plan to add to their holdings over the next 12 months, while another 39% plan to maintain their current crypto levels. Only 6% of millennial millionaires plan to reduce their crypto investments over the next year.
Walper said many wealth management firms are reluctant to add crypto directly to their investing platforms due to the legal and performance risks. Yet with a growing number of crypto financial products becoming available, including crypto-based ETF's, many more firms are now able to start offering crypto products to younger investors.
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