The use of cryptocurrencies as an investment and store of value is favored by many young millionaires, with millennial investors leading the way. According to the latest CNBC Millionaire Survey, most millennial millionaires have invested in cryptocurrencies. They plan to increase their holdings in the coming months.
Millennials are investing in cryptocurrencies
The survey gives us a glimpse of how the millennial generation feels about the economy. We learn that they are worried that inflation is a threat to economic growth. According to the survey, the second most important risk is government dysfunction in the United States. They both receive 23% of the total vote.
The survey found that 83% of millennials own cryptocurrency, and nearly half of them expect to own more by 2022. Only 6% of investors expect to reduce their holdings in the coming year.
Most millennials believe that inflation will be a permanent phenomenon, and 45% of millennials are showing greater concern. However, most are optimistic about the future of the economy with an overall 59% confidence in the Fed’s ability to deal with inflation.
One other aspect to note is that millionaires perceive the threat of inflation differently than the general public. According to Robert Frank, CNBC Wealth Editor, many people are concerned about rising prices but millionaires are more concerned about the rise in interest rates and how that will affect their investments.
