Why Are Millionaires Interested in Investing in Cryptocurrencies?
Despite a challenging year for crypto, 82% of millionaire clients had looked into investing in digital assets such as Bitcoin in 2022, according to a recent poll conducted by financial advisory firm deVere Group. The survey results, released on January 30, show that eight out of 10 of the company’s high net worth (HNW) customers surveyed — those with assets between 1.2 million and 6.1 million million dollars investable — sought advice from financial advisors about cryptocurrencies.
Nigel Green, CEO and Founder of deVere Group, said that while the group surveyed was “generally more cautious”, he believes that the interest rooted in Bitcoin’s core values of being “digital, global, borderless, decentralized and tamper-proof. Previous years’ studies from the firm have shown a trend of increasing interest in crypto investments from wealthy investors.
A 2020 study from deVere found that 73% of the 700 surveyed high-net-worth individuals either already owned or were looking to invest in cryptocurrencies before the end of 2022, while the firm’s 2019 study found that 68% of global HNW individuals were already invested or planning to invest in crypto by the end of 2022. Green also noted that established financial institutions like Fidelity, BlackRock, and JPMorgan are interested in providing crypto services to customers as a good sign for the industry.
Source: The Pipsafe Team – Why Are Millionaires Interested in Investing in Cryptocurrencies?
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