82% of Millionaires Ask About Putting Crypto in Their Portfolios, Survey Shows

Share This Post

82% of Millionaires Ask About Putting Crypto in Their Portfolios, Survey Shows

Asset management firm Devere Group says that 82% of millionaires surveyed have asked their financial advisors about adding cryptocurrencies, such as bitcoin, to their portfolios despite the crypto winter. “Wealthy investors understand that digital currencies are the future of money, and they don’t want to be left in the past,” the firm’s chief executive said.

Millionaires to Capitalize in Forthcoming Crypto Bull Run, Devere Says

Devere Group, a global financial advisory and asset management firm with $12 billion in assets under management (AUM) worldwide, published the results of its crypto survey Monday. Devere found that among its millionaire clients with between $1 million and $5 million of investable assets, 82% have sought advice about investing in cryptocurrencies. Without providing additional details, the asset management firm wrote:

Eight out of 10 high net worth (HNW) individuals have asked their financial advisers about including cryptocurrencies, such as bitcoin, into their portfolios over the last 12 months — despite the market experiencing a difficult year in 2022.

“In 2022, the crypto market delivered its worst performance since 2018, with bitcoin, the headline-grabbing market leader, falling about 75% during the year,” Devere Group CEO Nigel Green commented. He explained that the crypto price drops resulted from investors reducing “their exposure to risk-on assets, including stocks and crypto, due to heightened concerns about inflation and slower economic growth.”

However, the executive pointed out that despite the crypto winter, high net worth investors “were consistently seeking advice from their financial advisers about including digital currencies into their portfolios.” Green stressed: “Interestingly, this typically more conservative group was not deterred by the bear market and adverse market conditions. Instead, they were looking to either start including or increasing their exposure to crypto.”

The Devere executive opined:

This suggests that these high net worth clients are increasingly aware of the inherent characteristics of cryptocurrencies like bitcoin, which has the core values of being digital, global, borderless, decentralized and tamper-proof.

“Wealthy investors understand that digital currencies are the future of money, and they don’t want to be left in the past,” he further said.

“Bitcoin is on track for its best January since 2013 based on hopes that inflation has peaked, monetary policies become more favorable, and the various crypto-sector crises, including high-profile bankruptcies, are now in the rear-view mirror,” the Devere executive continued.

Noting that BTC is up about 40% so far this year, Green said the crypto’s performance “will not go unnoticed” by high net worth clients and “others who want to build wealth for the future.” He concluded:

If HNWs were expressing such huge interest in the 2022 bear market, as market conditions steadily improve, they’re going to be amongst the first to capitalise in the forthcoming bull run.

Green and Devere Group’s survey participants are not the only ones bullish about bitcoin. A recent survey published by Nickel Digital Asset Management found that institutional investors expect “a strong year ahead for bitcoin” and 65% of the institutional investors surveyed agree that BTC could reach $100,000.

A different survey by Bitwise and Vettafi similarly found that “financial advisors remain highly engaged in crypto markets, with 15% allocating in client accounts and 90% receiving inbound questions from clients about the space.” Last month, global investment bank Goldman Sachs ranked bitcoin the best-performing asset this year.

What do you think about millionaires wanting to invest in cryptocurrency? Let us know in the comments section below.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

XRP Price Prediction for November 27

The post XRP Price Prediction for November 27 appeared first on Coinpedia Fintech News XRP, the native token of Ripple, appears to be moving sideways after experiencing a notable rally in the past

The Current Correction In Bitcoin Is The Last Before A Major Rally—Here’s Why

Bitcoin price momentum has grabbed significant attention as it gradually sheds some of its gains acquired in the past weeks So far, Bitcoin has plunged 76% from its all-time high (ATH) of $99,645

Insane Milestone Achieved: Pantera Capital Eyes $740K BTC After Bitcoin Fund Hits 1,000x

Pantera Bitcoin Fund’s jaw-dropping 1,000x return spotlights bitcoin’s explosive potential, with founder Dan Morehead forecasting a transformative financial revolution yet to unfold

Bitcoin could fall to $88,000 before making another attempt to break $100,000 – Glassnode

Bitcoin (BTC) can visit the zone below $88,000 before resuming its push towards the $100,000 threshold if further downside is registered, according to a Glassnode report The report highlighted a

Rumble Unveils $20M Bitcoin Treasury Strategy — CEO Sees ‘a New Era’

Rumble has committed up to $20 million in bitcoin as a treasury asset, citing its potential as an inflation hedge and key to strategic expansion in the digital economy Rumble Adopts Bitcoin as

Bitcoin’s Short-Term Holder SOPR At A Critical Level, What Does This Mean For BTC?

As Bitcoin’s price continues to fluctuate, several important metrics might be essential in determining the digital asset’s next direction so that crypto enthusiasts and investors can