Millennials Plan to Buy More Cryptocurrencies in 2022, According to a Survey
Cryptocurrencies have emerged as a prominent financial asset, particularly among young people. The amount invested in cryptocurrencies may rise in the next year as more people want to enter the market.
More money might be poured into the cryptocurrency market.
According to a new CNBC study, millennials are interested in purchasing more cryptocurrencies in 2022. This latest breakthrough comes despite a recent drop in cryptocurrency prices.
According to the CNBC Millionaire Survey, 83 percent of millennial millionaires hold cryptocurrencies. The survey surveys individuals with investible assets of $1 million or more. Furthermore, more than half of all investors have at least half of their capital in cryptocurrency.
According to CNBC, the majority of millennials stated that they expect to purchase more cryptocurrencies in the coming year. According to the survey, “despite recent price drops in bitcoin and other cryptos, millennial millionaires have no intentions to scale back their crypto investing.” Approximately half (48%) intend to increase their holdings over the next 12 months, while the remaining 39 percent intend to retain their present crypto levels. Only 6% of millennial millionaires want to minimize their crypto assets in the coming year.”
In comparison, barely 4% of baby boomers own any cryptocurrency. Furthermore, more than three-quarters of Generation X investors do not hold any cryptocurrencies. According to the report, millennials continue to be the dominant driving force in the cryptocurrency field and want to do so in the following year.
Despite a recent drop, there is renewed interest in cryptocurrencies.
The growing interest in cryptocurrencies coincides with a pessimistic trend in the larger market. In recent weeks, Bitcoin and the other major cryptocurrencies have underperformed.
At press time, Bitcoin was trading at $46,733, down 3% in the previous 24 hours. Bitcoin has dropped more than 30% of its value after reaching an all-time high of $69,000 last month. Ether has been underperforming as well, shedding more than 5% of its value in the previous 24 hours. At the time of writing, ETH was trading slightly beyond the $3,800 mark. The prices of the other major cryptocurrencies are also plummeting at the moment.