A majority of millennial millionaires not only own crypto, but hold the bulk of their investment wealth in the assets, according to the new CNBC Millionaire Survey. The results show a shifting economic paradigm as younger investors view cryptocurrency more favorably.
The survey, which polls investors with investible assets of $1 million or more, found that 83% of millennial millionaires own crypto. In addition, 53% have at least 50% of their wealth in crypto and nearly a third have at least three-quarters of their wealth in Bitcoin, Ether and other cryptocurrencies, according to the survey.
Matthew Le Merle — managing partner of Blockchain Coinvestors, a VC fund-of-funds that invests across blockchain/crypto — told GOBankingRates that 35% of Americans are under 40, and that “they are digital natives and they understand the attractiveness of digital monies and assets including Bitcoin. They expect their advisors to get educated and onboard as well.”
“The future belongs to the next generation. Their voices are becoming louder and their net worth larger, so those looking to interact with them need to know how to engage,” Le Merle said. “You only have to look around the world to see that the most affluent, dynamic and attractive economies are innovation based. Any leading wealth manager has no choice but to…