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82% of Millionaires Ask About Adding Crypto to Their Portfolios, Survey Shows – Featured
Wealth management firm Devere Group says 82% of millionaires surveyed asked their financial advisors if they would like to add cryptocurrencies like 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,” said the company’s chief executive. Millionaires Will Benefit From Upcoming Crypto Bull Run, Says Devere Devere Group, a global financial advisory and asset management firm with $12 billion in assets under management (AUM) worldwide, released the results of its crypto survey on Monday. Devere found that 82% of its millionaire clients with investable...
82% of Millionaires Ask About Adding Crypto to Their Portfolios, Survey Shows – Featured
Wealth management firm Devere Group says 82% of millionaires surveyed asked their financial advisors if they would like to add cryptocurrencies like 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,” said the company’s chief executive.
Millionaires Will Benefit From Upcoming Crypto Bull Run, Says Devere
Devere Group, a global financial advisory and asset management firm with $12 billion in global assets under management (AUM), released the results of its crypto survey on Monday. Devere found that 82% of its millionaire clients with investable assets between $1 million and $5 million have sought advice on investing in cryptocurrencies. Without providing further details, the asset management firm wrote:
Eight out of ten high net worth (HNW) individuals have asked their financial advisors in the last 12 months whether they would like to add cryptocurrencies such as Bitcoin to their portfolios - despite a difficult market in 2022.
“In 2022, the crypto market delivered its worst performance since 2018, with Bitcoin, the headline-grabbing market leader, plunging around 75% over the year,” commented Nigel Green, CEO of Devere Group. He explained that the crypto price declines were due to investors “reducing their exposure to risky assets, including stocks and crypto, due to increased concerns about inflation and slower economic growth.”
However, the executive noted that despite the crypto winter, wealthy investors “continually sought advice from their financial advisors to add digital currencies to their portfolios.” Green pointed out, "Interestingly, this typically more conservative group was not deterred by the bear market and adverse market conditions. Instead, they wanted to either start incorporating crypto or increase their exposure to crypto."
The Devere executive said:
This suggests that these high-net-worth customers are increasingly aware of the inherent properties of cryptocurrencies such as Bitcoin, which have 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 continued.
“Bitcoin is on track for its best January since 2013, based on hopes that inflation has peaked, monetary policy is becoming more favorable, and the crypto sector's various crises, including high-profile bankruptcies, are now in the rearview mirror,” the Devere executive continued.
Notice that Bitcoin 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 looking to build wealth for the future." He concluded:
If HNWs have expressed such interest in the 2022 bear market, they will be among the first to benefit from the upcoming bull market given the steadily improving market conditions.
Green and Devere Group survey respondents aren’t the only ones bullish on Bitcoin. A recent survey released by Nickel Digital Asset Management found that institutional investors “a strong year ahead for Bitcoin” and 65% of the institutional investors surveyed agree Bitcoin could reach $100,000.
Another survey by Bitwise and Vettafi also found that “financial advisors remain highly committed in crypto markets, with 15% assigning customer accounts and 90% receiving in-depth questions from customers about the space.” Last month, global investment bank Goldman Sachs rates Bitcoin the most powerful system this year.
What do you think about millionaires wanting to invest in cryptocurrency? Let us know in the comments section below.
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