In 2021, the crypto sector grew faster than ever before, and it seems that everyone is positive about it these days. However, certain groups seem to be more positive than others, and new data suggests that rich millennial investors are among the most bullish when it comes to digital currencies.
Two of the most pressing problems are inflation and government dysfunction
CNBC’s wealth editor, Robert Frank, discussed the matter in a new conversation. He pointed out that a recent study of $1 million or more investors found that many rich investors grew more concerned about the economy and markets.
He also stated that the biggest concern is inflation, which is expected. Inflation is the most serious economic threat, and investors have been worried about it since the COVID-19 epidemic broke out.
When asked why they are worried, as many as 23% say inflation, with the same amount citing US government dysfunction as a key issue. Another 11% mentioned supply chain problems, while 10% mentioned the coronavirus as a source of worry. Finally, 7% cited labor shortages as the biggest danger to the US economy in the next year, while another 7% cited national debt as the greatest concern.
Why are millennials interested in cryptocurrency?
Many people are gravitating to digital currencies in such a circumstance when inflation and government dysfunction are perceived as the greatest risks, and for obvious reasons. There is little danger of inflation by printing additional coins since most coins have a restricted quantity. However, since cryptocurrencies are decentralized, they are not governed by any government or centralized entity, which rich millennials seem to be most worried.
Millionaire millennials, as per Frank, have at least half of their money invested in cryptocurrency, making them the most optimistic of all the demographics involved in digital currency.
