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Millennial millionaires rely on cryptocurrencies instead of real estate

 


CNBC stated in a report on a survey that among Millennial millionaires around 83 percent have invested in crypto currencies. Millennials are the generation born between 1981 and 1996. 48 percent of crypto investors want to top up their crypto holdings in 2022. In comparison, only 4 percent of baby boomers hold cryptocurrencies; of Generation X, more than 75 percent do not hold any cryptocurrencies at all.


It is also interesting to know how millennial millionaires got their fortune. Most of these millionaires made their money in cryptocurrencies or made their fortunes with crypto investments. It seems that these investors and entrepreneurs know how to take advantage of the volatility of the market and the opportunities offered by the new industry.


In general, the younger generations, the “digital natives”, are particularly tech-savvy. Thus, private and institutional investors as well as entrepreneurs are likely to make more investments in the crypto market in the next few years. Because even once interesting investment sectors could lose customers to the crypto market.


A Bankrate study shows that millennials are very interested in cryptocurrencies regardless of the wealth they invest. Almost half of millennials (49 percent) are at least reasonably comfortable with investing in cryptocurrencies like Bitcoin , compared to 37 percent of Generation X and just 22 percent of baby boomers. Around 15 percent of millennials are extremely positive about investing in cryptocurrencies.


Cryptocurrencies are more interesting than real estate

For a long time, real estate was considered a safe investment with good potential returns. That has changed in the meantime, or an interesting investment alternative has been added. A survey carried out by the major bank ING has shown that the changed saving priorities are one reason for the declining interest in real estate as an investment. 70 percent of respondents said that it is more difficult than ever for first-time buyers to buy a home.


"As house prices continue to rise in most of the western world and outpace the pace of wage developments, many people are late entering the real estate market and a significant number of people say they are re-evaluating their savings priorities."


Furthermore, a large number of potential investors assume that the government's design of the housing market is not optimal.


The real estate platform Point2 analyzed the return on investments in Bitcoin compared to US real estate between 2017 and 2021. The company assumed an initial investment equivalent to a 20 percent down payment for an average house in each of the 100 largest US cities.


“The analysis showed that the Bitcoin price hike dwarfed the house price hikes. A person who made a down payment on a Manhattan home five years ago would have made a loss on the sale today, while the gain on an investment in Bitcoin would have been nearly $ 20 million. "


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