The rich turn to cryptocurrencies
According to a recent survey conducted by financial advisory firm deVere Group, 82% of millionaire clients expressed interest in digital assets like Bitcoin (BTC).
Results released on Jan. 30 indicate that 8 out of 10 high-net-worth (HNW) clients surveyed by the company have consulted financial advisors for information on crypto in the past year. This trend shows that high-net-worth clients remain interested in investing in cryptocurrency despite the challenges of 2022.
According to the statements of the CEO and founder of deVere Group, Nigel Green, millionaires are increasingly interested in cryptocurrency investments. For him, this interest simply stems from Bitcoin’s core values, such as :
The world’s largest cryptocurrency is up more than 40% year-to-date, and that won’t go unnoticed by HNW clients and others looking to create wealth for the future
Nigel Green, CEO and founder of deVere Group
Previous deVere studies have shown a trend of growing interest in crypto investments among wealthy clients. A 2020 study found that 73% of 700 high net worth individuals surveyed already owned or were looking to invest in crypto-currencies by the end of 2022. Similarly, a 2019 study found that 68% of the world’s high net worth individuals were already invested or planning to invest in crypto by the end of 2022.
Cryptocurrencies are gaining popularity with a growing audience, ranging from wealthy investors to everyday consumers. According to a report by JPMorgan Chase, about 13% of the U.S. population, or 43 million people, held a cryptocurrency at some point in their lives, a significant increase from 3% in 2020.
The increase in interest in cryptos can be explained by the rise in awareness of cryptocurrency investing, as well as the ease of access to these digital assets.
Nevertheless it is important to be careful when investing in cryptocurrencies. They can be very volatile and there is no guarantee of return on investment. Be sure to do thorough research on the crypto-currency you wish to invest in, including its price history and performance, and only invest what you can afford to lose.