The survey also indicates the difference between young and veteran billionaires within the generation of wealth creation. For example, the study found that 83% of Americans using virtual currencies had zero wealth and just around 10% of them spend more than 10% on crypto assets. In April and May of the online millionaire survey carried out by CNBC, George Walper, president of Spectrem Group, stated the younger generation rushed into cryptocurrencies early on when little was known about them. ‘Though new, the younger investors connected with the concept more intellectually. Older investors and boomers asked ‘Is that legitimate?’” ” As he said, CNBC highlighted it.
Moreover, the NFT (non-fungible token) mania, especially the younger generation by storm, has also seized the globe considerably in cryptocurrencies. The same study shows that in particular with regards to NFTs, the age split is much larger. While virtually all the millionaires in the United States didn’t know what the NFT is, over two-thirds of millennial millionaires think they will be “the next big thing.” The NFTs are an overhyped gimmick, more than one-third said. Nearly half of the 750 thousand millionaires indicated they owned NFTs, while 40% indicated they don’t, but they explored deep in it. The younger generations (born between 1946 and 1964) were a staggering 98% of another category of millionaires who didn’t own NFTs and did not take it into consideration. The reason, said Walper, was that NFTs just began to be part of the media coverage recently. “So, the elder generations’ understanding is further behind.” Talking concerning Bitcoin, the oldest, most popular globally traded cryptocurrency, the price of Bitcoin in India and the world has seen its value grow over the last six months despite constant warnings and doubtful reviews, critics, and skeptics. In April, the virtual currency had touched an all-time high of nearly $65,000 (roughly Rs. 47.3 lakh), a massive spike of over 450 percent in just six months. Since then, Bitcoin prices have taken a tumble, losing more than half of their value. Massive fluctuations have been a hallmark of cryptocurrency trading in 2021. You may also be interested to know the Top 10 Bitcoin Alternatives of 2021.
