Millionaires May Not Have Enough Cryptocurrency Advice
According to a survey released on June the 19 by Capgemini, 29 percent of millionaires – also known as high net worth individuals – have an important degree of interest in cryptos. But there is a problem, they are not receiving adequate advice from wealth managers.
The information has been released by Reutres and gathered it from the Capgemini’s annual survey known as the World Wealth Report. The report shows that over 26.9 percent of these investors are ‘on the fence’ when it’s about cryptocurrency investments, which means that 55 percent of the respondents are interested or have a good knowledge about cryptocurrencies.
The company, Capgemini is located in paris and works as a consulting enterprise. Those HNWIs are considered people with at least $1 million dollars available to invest, outside their holdings like cars or houses.
At the beginning of 2018 there were 15.2 million such people in the world, but the number may be different now that we are arriving to the first half of this year. These group of individuals controls more than $70 trillion dollars and in the future (more precisely for 2025), the Capgemini expects that the number will grow to $106 trillion.
It is also important to mention that the survey shows that 71.1 percent millionaires below 40 years old, place ‘high importance’ about receiving information regarding cryptocurrencies from their wealth management firms. The number is reduced to 13% on those who are aged 60 and over, and that’s quite surprising. In general, older people tends to be more conservative towards investments, but in this case, they seem safer than youngers investing in this market.
Only 34.6 percent of them received cryptocurrency information from their wealth management. This shows that wealth managers may be behind the market. I would be important for them to be providing good quality analysis about future trends, investments possibilities and more.
Cryptocurrency hedge funds have been growing during the last year. The same happened with venture capital companies that are searching opportunities in the virtual currency world. Important players like the Rockefeller Foundation, Goldman Sachs or even Nasdaq, have been trying to enter the market.
If the market starts to be bullish again, these firms related to crypto investments will start to grow and expand everywhere.