Bitcoin For The Wealthy, 80% Of Millionaires Want It, Survey Shows
- Posted on January 31, 2023
- News
- By Mark Otto
- 196 Views
Bitcoin is on the wealthy’s wish list. According to recent data, 8 out of 10 high net worth (HNW) individuals have asked for financial advice on adding cryptocurrencies to their portfolios in 2022.
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According to the deVere Group, high net-worth individuals have been seeking advice on expanding their portfolios to include digital assets over the past year. Despite the crypto winter, high-net-worth individuals have shown increased interest in the potential of crypto and decentralized finance (DeFi).
Crypto Winter Fails To Reduce Interest In Bitcoin
According to the survey conducted by the deVere Group, one of the world’s largest independent financial advisory, wealth management, and fintech organizations. The data shows that more than 80% of its clients, with more than $1 million and $5 million in investable assets, have requested advice on cryptocurrencies as an investment vehicle.
Nigel Green, CEO and founder of the deVere Group, noted that the cryptocurrency market in 2022 had its worst performance since 2018, with the “headline-grabbing” market leader Bitcoin falling during the year.
Amid this economic crisis, investors reduced their exposure to risk assets’ volatility, including traditional market stocks and cryptocurrencies, due to rising inflation and paused economic growth.
Green noted that despite the crypto winter, high-net-worth individuals seek financial advice on Bitcoin and crypto from financial advisors to expand their investments and portfolios.
Nigel Green, founder of the deVere Group in 2002, currently with more than $10 billion under management and over 80,000 active clients in more than 100 countries, noted that this conservative group of investors was not scared by the bear market and adverse market conditions.
Instead, the conservative group of HNW individuals is looking to either start or increase their exposure to cryptocurrencies. According to Green, these individuals understand that Bitcoin and digital currencies are the future of money, and they “don’t want to be left in the past.”
The financial advisory group also noted in its survey that in recent months, major financial institutions such as JP Morgan, Fidelity, BlackRock, and New York Mellon, among others, have begun offering crypto-related services to their clients.
The deVere Group founder also believes that this momentum of interest from investors and financial institutions will continue to build as the crypto winter of 2022 thaws and the sector begins to recover.
Green also noted that Bitcoin is on track for its best January since 2013, based on hopes that inflation has peaked and that the economy is finally showing signs that inflation can take a different path.
Nigel Green believes that monetary policy may become more supportive and that the various crises in the crypto sector, including high-profile bankruptcies, are now in the rearview mirror.
According to the CEO of deVere Group, Bitcoin has risen over 40% since the turn of the year, and this will not go unnoticed by high-net-worth clients and others looking to build wealth for the future.
Nigel Green concluded by saying:
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.
Bitcoin is trading at $23,100 as of press time, up 0.8% in the last 24 hours after leaning into support. It’s slightly in profit in the last seven days with 0.6%, with expectations of the upcoming Federal Open Market Committee (FOMC) meeting brewing in the crypto market.
Source: Bitcoinist.com
