Millionaire millennials haven’t been deterred by this year’s collapse in cryptocurrencies and “nonfungible tokens” and still see them as the No. 1 way to build long-term wealth, a new study finds. Those aged 21 to 42 with more than $3 million in investible assets ranked cryptocurrencies and so-called “digital assets” as the top opportunity for building long-term wealth, ahead of everything else including stocks, according to a survey by Bank of America’s Private Bank.
Some 29% cited digital currencies and online images as a top investment opportunity, compared to just 12% who cited U.S. stocks and 15% who cited international or emerging markets stocks. Read: Millennials are all grown up — it’s time to start worrying about retirement Crypto just edged out real estate, at 28%, private equity, direct investment in companies, and “companies/funds that focus on ESG,” meaning those that focus on environmental, social and governance issues, which were cited as top opportunities by a quarter of those in the age group. It’s a remarkable finding. Cryptocurrencies have collapsed this year, the benchmark, bitcoin, plunging below $20,000 after peaking last year at nearly $70,000. Overall about $2 trillion has been wiped off the notional value of all digital “currencies” since last year’s peak, though at nearly $1 trillion they are still sporting a substantial market value. But apparently many wealthy millennials are unfazed. Read: Millennials have solved the retirement crisis …