Millionaires around the world are now looking to invest their capital in the cryptocurrency markets. Eight out of Ten high net worth (HNW) individuals have reached out to financial advisors seeking guidance to invest in cryptocurrencies.
Financial advisory firm deVere Group conducted a survey showing 82% of clients with a net worth of $1 million-$10 million, have thought of investing in digital assets.
The millionaires found cryptocurrencies to be a lucrative investment despite being on a downward trend in 2022. The study shows that even millionaires are concerned about inflation, which made them look into the digital assets market.
According to the deVere survey, millionaires feel that they’re being left out and want to stay ahead of the curve. “Wealthy investors understand digital currencies are the future of money, and they don’t want to be left in the past”.
Moreover, the survey by deVere Group includes Wall Street giants, institutional stock market investors, and other big tech names. These millionaires have the power to influence and sway the markets with their investments which could benefit the cryptocurrency sector.
Nigel Green, the CEO of deVere Group said to Finbold, “In 2022, the crypto market delivered its worst performance since 2018, with Bitcoin, the headline-grabbing market leader, falling about 75% during the year. The price drops came as investors reduced their exposure to risk-on assets. Including stocks and crypto, due to heightened concerns about inflation and slower economic growth.”
He added, “Yet against this backdrop of the so-called crypto winter, HNWs were consistently seeking advice from their financial advisers about including digital currencies into their portfolios.”
Interest in Cryptocurrency Gains Momentum
Financial firms like JP Morgan, Fidelity, BlackRock, and New York Bank Mellon, among others are offering cryptocurrency-related services to clients. The development shows that clients are engaging with these institutions and asking for assistance with cryptocurrency services and investment strategies.
The new financial sector is slowly yet steadily spreading its wings around the world and could be here to stay. The more millionaires join in on the bandwagon, the stronger the cryptocurrency markets could be in the long run.