Crypto Curiosity Among the Wealthy
Despite the rollercoaster ride that the cryptocurrency market experienced in 2022, a remarkable 82% of millionaire clients expressed interest in digital assets like Bitcoin (BTC) according to a recent survey by the financial advisory firm, deVere Group. This statistic alone is like finding out that almost every millionaire you know has considered swapping out their Lamborghinis for a digital coin wallet!
Survey Insights: Who, What, and Where
The poll, released on January 30, showcased that eight out of ten high net-worth (HNW) individuals — those with investable assets between $1.2 million and $6.1 million — sought the insights of financial advisers regarding crypto investments. That’s a lot of “Can you help me buy Bitcoin?” ringing in financial advisors’ ears!
From Conservative to Curious
Nigel Green, the CEO of deVere Group, noted that this group typically leans toward conservatism in financial matters. However, he attributes their growing interest to Bitcoin’s compelling characteristics, including being digital, global, borderless, decentralized, and tamper-proof. Sounds more appealing than a trip to the bank, right?
Trends in Wealthy Investors’ Crypto Interests
This isn’t just a passing trend. Previous years have shown a significant increase in resources allocated to cryptocurrency by wealthy investors. A 2020 deVere study found that 73% of high-net-worth individuals surveyed were either already invested in or considering cryptocurrencies before the end of 2022, up from 68% in 2019. You’d think they were trying to outdo their friends at the country club!
A Brightening Future for Bitcoin?
Looking ahead, Green expressed optimism about the prospect of crypto as more legacy financial institutions—like Fidelity and JPMorgan—start incorporating crypto services for their clientele. With Bitcoin showing major upward abilities, it’s not hard to see why anyone looking to grow their wealth seriously considers jumping into the digital coin pool.
The Broader Participation in Crypto
Interestingly, wealthy investors aren’t the only ones diving deep into the crypto waters. A report from JPMorgan Chase noted that around 13% of the American population—about 43 million people—have tried their hand at holding cryptocurrency. This is a substantial increase from just 3% in 2020. It seems crypto fever has definitely caught on!
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