Asset management firm Devere Group says that 82% of millionaires surveyed have asked their financial advisers about adding cryptocurrencies, such as 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 stay in the past,” said the CEO of the company.
Millionaires Will Capitalize On The 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 among his millionaire clients with between $1 million and $5 million in investable assets, 82% have sought advice on how to invest in cryptocurrency. Without providing additional details, the asset management firm wrote:
Eight in 10 high net worth (HNW) individuals have asked their financial advisors about including cryptocurrencies, such as bitcoin, in their portfolios over the past 12 months, despite the market experiencing a difficult year in 2022.
“In 2022, the crypto market had its worst performance since 2018, with bitcoin, the market leader grabbing the headlines, dropping around 75% over the year,” Devere Group chief executive Nigel Green commented. He explained that the cryptocurrency price declines were due to investors reducing “their exposure to risky assets, including stocks and cryptocurrencies, due to heightened inflation concerns and slower economic growth.”
However, the executive noted that despite the crypto winter, high net worth investors were “consistently seeking advice from their financial advisors on including digital currencies in their portfolios.” Green emphasized: “Interestingly, this typically more conservative group was not deterred by the bear market and adverse market conditions. Instead, they were looking to start including or increase their exposure to cryptocurrencies.”
The Devere executive opined:
This suggests that these high net worth customers are becoming more aware of the inherent characteristics of cryptocurrencies like bitcoin, which has 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 stay in the past,” he further said.
“Bitcoin is on track for its best January since 2013 based on hopes that inflation has peaked, monetary policies become more favorable, and the various crises in the crypto sector, including high-profile bankruptcies, are now in the offing.” rear-view mirror”. The Devere executive continued.
pointing out that BTC It’s up 40% year-to-date, Green said cryptocurrency’s performance “won’t go unnoticed” by high-net-worth clients and “others who want to build wealth for the future.” He concluded:
If the HNWs expressed such great interest in the 2022 bear market, as market conditions steadily improve, they will be among the first to capitalize on the next bull run.
Green and Devere Group survey participants aren’t the only bitcoin bulls. A recent survey published by Nickel Digital Asset Management found that institutional investors expect “a strong year for bitcoin” and 65% of institutional investors surveyed agree that BTC could reach $100,000.
A different survey by Bitwise and Vettafi similarly found that “financial advisors remain highly engaged with crypto markets, with 15% assigning client accounts and 90% receiving incoming client questions about the space.” Last month, global investment bank Goldman Sachs ranked bitcoin as the best performing asset this year.
What do you think of millionaires who want to invest in cryptocurrencies? Let us know in the comments section.
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