Generation Y millionaires have a large share of the wealth in cryptography News research

Generation Y millionaires have a large share of the wealth in cryptography News research

The generational divide among millionaires is even more stark when it comes to nonfungible tokens. Most millionaires say they don’t know what an NFT is, and more than a third say they are an “overhyped fad.” Yet two-thirds of millennial millionaires say NFTs “are the next big thing.” “We’re already seeing the industry responding,” Walper said. ‘We see more and more providers offering access to crypto investing. It’s changing fast.” Nearly half of millennial millionaires surveyed own NFTs, and another 40% say they don’t currently own an NFT but have “considered” it. That compares with 98% of baby boomer millionaires who say they don’t own any NFTs and aren’t considering it.

“The younger investors jumped on it early when it was not as well known,” said George Walper, president of Spectrem Group, which conducted the Millionaire Survey with CNBC online in April and May. “The younger investors were more intellectually engaged with the idea even though it was new. Older investors and the boomers were largely saying ‘Is his legit?’” Older millionaires are far less likely to believe in or invest in crypto. Fully 83% of American millionaires have none of their wealth in crypto, and only one in 10 keep more than 10% of their wealth in crypto assets, according to the survey. None of the baby boomer millionaires or older generations have more than 10% of their wealth in crypto.

The importance of crypto to young millionaires could shift the wealth management industry, as private banks, brokers and wealth management firms scramble to cater to a new, crypto-heavy clientele. In the coming years, the key to attracting the next generation of wealthy clients could be more about crypto than traditional stocks, bonds, private equity and hedge funds. The results highlight a new generational divide in wealth creation from crypto, with younger investors who spotted the trend early on able to earn vast fortunes, and grow their existing investments, from the surge in the prices of bitcoin, ether and other crypto.

Source www.cnbc.com “NFTs have only recently started to be part of the media coverage,” Walper said. “So the older generations are further behind on the understanding.”

The News Highlights

  • Generation Y millionaires have a large share of the wealth in cryptography News research
  • Check the latest News news updates and information about business, finance and more.
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
How Russian hackers wreaked havoc on two Ohio school districts

How Russian hackers wreaked havoc on two Ohio school districts

Authorities arrested her when she flew into Miami in February. She has denied the charges, and she remains in a Youngstown jail without bond, pending her ...
Global push to boost financial education

Global push to boost financial education

Private organisations and charities across the world are now working to improve these statistics. Many are trying to effect change from the bottom up, working ...
How to save money on your home

How to save money on your home

In case anything goes wrong, it is highly important to have your house comprehensively insured. Nonetheless, considering that it is a must-have for your house, ...
Secretary of State warns of misleading business direct mail

Arlington Council to Resume News Events After In-Person Deals | news / arlington

For information, call (703) 525-2400 or see the Website at www.arlingtonchamber.org. The event will be held at WHINO at Ballston Quarter. “Creating ...
The Motorola Moto G Stylus 5G is a good phone with a very short lifespan

The Motorola Moto G Stylus 5G is a good phone with a very short lifespan

Our review of Motorola Moto G Stylus 5G Verge Score The Stylus 5G includes a few more hardware upgrades in addition to 5G ...
Snyder named Rotary Citizen of the Year in Flagler Beach

Snyder named Rotary Citizen of the Year in Flagler Beach

The Citizen of the Year plaque reads: With great appreciation for your dedication, hard work and commitment. Thank you for going above and beyond in ...
How about 'Monkey Business' in Clinton?

George Fant’s Dream Big Camp offers financial seminar in partnership with US Bank

Copyright 2021 WBKO. All rights reserved. Lanae Easley also attended the seminar, “you want to definitely educate yourself. If you don’t know, there is a ...
How Brazil is reforming a public fund to finance broadband expansion

After the 2008 financial crisis, COVID-19 Another milestone in the long decline of the West and the rise of China

One aspect of this ploy of the Communist Party of China (that effectively and absolutely owns the country) that often goes unnoticed in India is China’s ...
Could a setback in growth be the surprise scenario for US markets?

Could a setback in growth be the surprise scenario for US markets?

The latest monthly survey of fund managers by the Bank of America noted investors are “bullishly positioned for permanent growth, transitory inflation and a ...
Auto Show Raises Money for Relay for Life |  WDVM25 and DCW50

Auto Show Raises Money for Relay for Life | WDVM25 and DCW50

Last year, Cruise for a Cure was able to hold a small cruising event to raise money for Relay for Life while abiding by COVID safety precautions. “It means ...
Show next
Compsmag - Latest News from tech, business and health
Logo