Bitcoin for the rich, 80% of millionaires want it, survey finds

[ad_1]

Bitcoin is on the wish list of the rich. According to recent data, 8 out of 10 high net worth (HNW) people have sought financial advice on adding cryptocurrencies to their portfolios in 2022.

Related Reading: Breaking News Why Alameda Research is Suing Voyager Digital for $446 Million

According to the deVere Group, wealthy 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 curb interest in Bitcoin

According to the survey conducted by the deVere Group, one of the largest independent financial advisory, wealth management and fintech organizations in the world. Data shows that over 80% of its clients, with over $1 million and $5 million in investable assets, have sought advice on cryptocurrencies as an investment vehicle.

Nigel Green, CEO and founder of deVere Group, noted that the cryptocurrency market in 2022 saw its worst performance since 2018, with “headline-grabbing” market leader Bitcoin falling during the year.

Amid this economic crisis, investors have reduced their exposure to volatility in risky assets, including traditional market stocks and cryptocurrencies, due to rising inflation and paused growth. economic.

Green noted that despite the crypto winter, high net worth individuals are seeking financial advice on Bitcoin and crypto from financial advisers to grow their investments and portfolios.

Nigel Green, founder of the deVere Group in 2002, currently with more than $10 billion under management and more than 80,000 active clients in more than 100 countries, noted that this group of conservative investors were not afraid of the market. bearish and unfavorable market conditions.

Instead, the conservative group of HNW individuals are looking to start or increase their exposure to cryptocurrencies. According to Green, these people 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 over the past few months, major financial institutions such as JP Morgan, Fidelity, BlackRock, and New York Mellon, among others, have started 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 the economy is finally showing signs inflation can borrow. a different path.

Nigel Green believes that monetary policy could become more supportive and that the various crises in the crypto sector, including high-profile bankruptcies, are now in the rear view mirror.

According to the CEO of deVere Group, Bitcoin has grown over 40% since the start 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 HNW were to express such interest in the 2022 bear market, when market conditions are steadily improving, they will be among the first to take advantage of the upcoming bull run.

BTC price targets new yearly highs in 4HR chart Source: BTCUSDT Tradingview

Bitcoin is trading at $23,100 at press time, up 0.8% in the past 24 hours after dipping into support. It made a slight profit over the past seven days with 0.6%, with expectations for the upcoming Federal Open Market Committee (FOMC) meeting on the crypto market.

[ad_2]