A recent survey revealed a vast majority of millionaire millennials own cryptocurrency and plan to add more to their portfolio in the years to come.
What Happened: On Friday, CNBC released its “Millionaire Survey” which disclosed that 83% of millennial millionaires own cryptocurrencies.
More than half of those surveyed said they had at least 50% of their wealth in cryptocurrencies, while a third of respondents said they had 75% of their wealth in Bitcoin BTC/USD and Ethereum ETH/USD.
Compared to millennials, older generations of millionaires hold little to no crypto as per the survey’s findings.
Only 4% of baby boomers hold any crypto while more than 75% of Gen X investors don’t hold any crypto.
The survey’s findings speak volumes about the massive shift in investment mentality across generations. Earlier this week, in an interview with MarketWatch, billionaire hedge fund manager Ray Dalio called Bitcoin the “gold of the younger generation.”
“It’s almost a younger generation’s alternative to gold and it has no intrinsic value, but it has imputed value and it has, therefore, some merit,” said Dalio.
The fund manager said he “has a little bit” of Bitcoin because he believes a properly diversified portfolio should have assets that protect it under a worst-case scenario.
Price Action: As of Friday morning at publication, Bitcoin was trading at $46,756, down 3.39%. The second-largest crypto by market cap, Ethereum, was trading at $3,867, down 5.76%.
Photo: DrawKit Illustrations on Unsplash
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