Survey shows that Millennial Millionaires will buy cryptocurrency despite volatility; here’s what we think.
2021 was a challenging year for cryptocurrency as it experienced a significant dip. Despite that, a recent survey shows that millionaire millennials are interested in adding more digital assets to their possession this year.
In the recent Millionaire Survey done by CNBC, most millennial millionaires have almost 50% of their net worth in digital assets. In addition, about a third of people had at least three-quarters of their wealth in bitcoin, ether, and other types of cryptocurrency.
The survey results show that digital assets could be a great source of wealth and a fantastic investment. On the other hand, only 4% of the older generations possess cryptocurrency. This could be because of their skepticism of cryptocurrency, especially in its future.
Despite the hesitation to invest from the older generations, most young investors use cryptocurrency as the main source of income, and their assets are rapidly increasing.
Moreover, the dip in cryptocurrency does not stop these investors from investing in the ecosystem. In fact, according to the survey, most of these investors are willing to expand their digital assets in 2022. Only 6% of the survey participants said they would decrease their crypto assets this year.
Millennial millionaire crypto adoption, is it a threat?
The wide adoption of cryptocurrency became a dilemma for financial institutions to add crypto to their services. It is evident that this future client will demand crypto-related services.
The most common reason these firms are hesitant to include crypto in their businesses is its uncertainty and its risk. However, as a rising number of crypto financial products, such as crypto-based ETFs, become available, many more companies can begin marketing crypto products to younger investors.
Moreover, according to a Spectrem poll, 45 % of millionaires attribute their wealth to inheritance. Inheritance was the most important element in the wealth of millennials earning $5 million or more (at 75%).
Simultaneously, millennials who invested in crypto years ago with tiny amounts from their earnings have become self-made billionaires due to crypto returns that have substantially surpassed equities and other asset classes. The issue now is whether millennials will remain in the crypto market — and join the ranks of billionaires — if bitcoin and other tokens continue to fall in value.
PrivacySwap embraces this adoption; here’s how
PrivacySwap aims to support all the available cryptocurrencies in the market. With the lack of available resources and being the first DeX that offers a debit card that allows web3 reloading via MetaMask, PrivacySwap aims to provide service to these investors in the future.
In addition, PrivacySwap DEX alone will support multiple cryptocurrencies. Thus, these investors can also use the platform to expand their digital assets without compromising security and convenience. Moreover, PrivacySwap’s goal to be listed in CEX listings will also attract many traditional investors to invest in cryptocurrency. With these, PricvacySwap will be such a fantastic avenue for a more excellent crypto journey.
To know more about PrivacySwap and be one of the platform’s early investors, check them out on the official websites below.