Despite a difficult year for cryptocurrencies, 82% of millionaire clients had considered investing in digital assets like bitcoin (BTC) in 2022according to a recent survey by financial advisory firm deVere Group.
The results of the survey, released on January 30, revealed that eight in 10 of the firm’s high net worth (HNW) clients surveyed — individuals with between $1.2 million and $6.1 million in investable assets — sought cryptocurrency advice from financial advisors in the past 12 months.
82% of millionaires seek advice on crypto as Bitcoin soars#PressRelease
https://t.co/nv6HSZBxEs— deVere Group (@deveregroup) January 30, 2023
82% of millionaires seek advice on cryptocurrencies while bitcoin skyrockets.
https://t.co/nv6HSZBxEs
Nigel Green, CEO and founder of deVere Group, said that Despite the group surveyed being “typically more conservative”, they believe the interest stems from bitcoin’s core values of being “digital, global, borderless, decentralized and tamper-proof”.
Studies from previous years of the firm have shown a trend of increasing interest in crypto investments from wealthy investors..
A 2020 study by deVere found that 73% of the 700 high net worth individuals surveyed already owned or were looking to invest in cryptocurrency by the end of 2022, while the firm’s 2019 study found that 68% of global HNW individuals had already invested or planned to invest in cryptocurrencies by the end of 2022.
Green also points to the uptake of interest in offering cryptocurrency services to clients from legacy financial institutions.such as Fidelity, BlackRock and JPMorgan, as a good sign for the industry.
A June report from PricewaterhouseCoopers found that about a third of the 89 traditional hedge funds surveyed were already investing in digital assets like BTC.
The CEO of deVere believes that this interest could increase as the “crypto winter” of 2022 thaws out. as a consequence of the changing conditions of the traditional financial system.
“Bitcoin is on track for its best January since 2013 based on hopes that inflation has peaked, monetary policies become more favourable, and the various crises in the crypto sector, including high-profile bankruptcies, are now in the rear view mirror. .”
“The world’s largest cryptocurrency is up over 40% since the turn of the year, and this will not go unnoticed by HNW customers and others who want to build wealth for the future,” Green added.
Wealthy people aren’t the only ones who have increased their cryptocurrency holdings in the last year.
According to a Dec. 13 JPMorgan Chase report, about 13% of the US population—some 43 million people—has owned cryptocurrency at some point in their lives, up from just 3% in 2020.
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