Cryptocurrencies have become one of the major investment assets, especially for young people. The amount invested in cryptocurrencies could be set to increase over the coming year as more people want to enter the market.
More Investment Could Enter the Crypto Space
A recent survey conducted by CNBC has revealed that millennials are interested in buying more cryptocurrencies in 2022. This latest development comes despite the recent dip in the prices of cryptocurrencies.
The CNBC Millionaire Survey showed that 83% of millennial millionaires own cryptocurrencies, which polls investors with investible assets of $1 million or more. Furthermore, more than 50% of the investors have at least 50% of their wealth in cryptocurrencies.
CNBC said most millennials revealed that they intend to buy more cryptocurrencies in the coming year. The report said, “Despite the recent price declines in bitcoin and other cryptos, millennial millionaires have no plans to dial back their crypto investing. About half (48%) plan to add to their holdings over the next 12 months, while another 39% plan to maintain their current crypto levels. Only 6% of millennial millionaires plan to reduce their crypto investments over the next year.”
In contrast, only 4% of baby boomers hold any cryptocurrency. In addition to that, more than three-quarters of Gen X investors don’t own any cryptocurrencies. The survey showed that millennials remain the major driving force in the cryptocurrency space and intend to hold on to the role in the coming year.
Interest in Cryptos Comes Despite Recent Dip
The increasing interest in cryptocurrencies comes at a time when the broader market is in a bearish trend. Bitcoin and the other major cryptocurrencies have been underperforming in recent weeks.
At press time, Bitcoin is trading at $46,733, down by 3% over the past 24 hours. Since reaching an all-time high of $69,000 last month, Bitcoin has lost more than 30% of its value. Ether has also been underperforming, losing more than 5% of its value in the last 24 hours. At press time, ETH is trading just above the $3,800 level. The other leading cryptocurrencies are also experiencing a massive dip at the moment.