Cryptocurrency has long attracted younger investors with its promise of outsize returns outside of traditional finance. Yet despite well-documented warnings about its volatility, wealthy Gen Z and millennials are embracing the asset class at rates far exceeding those of older generations.
Among affluent young investors—those with between $100,000 and $999,999 in assets—48% report holding cryptocurrency, according to a new report from the CFA Institute. That’s nearly double the share of Gen X and baby boomers in the same wealth bracket, only about a quarter of whom own crypto.
