68% of American Millionaires Own Crypto. So Which Cryptocurrencies Are They Buying?

A astonishing percent of high-net-worth individuals ain crypto. And it's not conscionable high-profile tech titans successful Silicon Valley. According to caller Motley Fool research, a whopping 68% of American millionaires ain cryptocurrency.

That raises an absorbing question: Did they commencement buying crypto aft they became self-made millionaires, arsenic a mode to further diversify their portfolio? Or did they usage targeted crypto buys implicit an extended play of clip to make life-changing wealth?

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The 2 astir fashionable cryptos, arsenic mightiness beryllium expected, are Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). Nearly 60% of crypto-owning millionaires clasp Bitcoin, and 55% clasp Ethereum. That's not terribly surprising, fixed that Bitcoin and Ethereum unneurotic relationship for 70% of the full marketplace headdress of the crypto market.

But a astonishing fig of American millionaires besides person owned a meme coin specified arsenic Dogecoin (CRYPTO: DOGE) oregon Shiba Inu. Dogecoin, successful fact, was the third-most fashionable cryptocurrency. Nearly one-half (48%) of millionaire crypto investors person enactment their wealth into Dogecoin. And 33% of millionaire crypto investors person enactment their wealth into Shiba Inu.

Other fashionable cryptocurrencies see BNB, XRP, Tether, Cardano, and Solana. In different words, conscionable astir each apical cryptocurrency ranked successful the apical 10 by marketplace headdress tin beryllium recovered successful the portfolios of millionaires.

According to the Motley Fool probe from December, determination are respective halfway reasons millionaires are buying cryptocurrency for their portfolios. By far, the astir important crushed (cited by two-thirds of crypto-owning millionaires) is the imaginable for beardown returns. That makes sense, fixed that Bitcoin has routinely been the top-performing plus successful the satellite for the amended portion of the past decade.

But immoderate besides bought crypto arsenic a imaginable hedge against inflation, portion others bought crypto arsenic a harmless store of value. Most likely, they are buying Bitcoin for this reason, fixed its cognition among immoderate investors arsenic integer gold. Until recently, the increasing statement was that Bitcoin was a semipermanent store of worth and a imaginable harmless asset. Even Federal Reserve Chairman Jerome Powell has alluded to Bitcoin arsenic a virtual, integer mentation of gold.

Another absorbing takeaway from the Motley Fool probe is conscionable however large of an allocation crypto is successful the portfolios of millionaire investors. For astir two-thirds of these crypto-owning millionaires, crypto accounted for astatine slightest 50% of their wide portfolio. This suggests crypto whitethorn person been a important contributor to their wealth.