Five Factors Besides FOMO Driving High-Net-Worth Individuals to Bitcoin & Cryptos
Institutions are already putting their money in crypto space and per Fidelity's latest research, even more, are expected in the next few years. Now, a huge proportion of high net worth individuals are also unaffected by the charm of the leading cryptocurrency.
According to the latest survey, over two-thirds of high net worth individuals will be investing in cryptocurrencies in the coming three years.
“Crypto is to Money what Amazon was to Retail”
This survey is carried out by deVere Group, an independent financial advisory organization, where the new global poll shows that 68 percent of the participants surveyed are either already invested or will be making an investment in cryptocurrencies like Bitcoin, Ethereum, and XRP before the end of 2022.
“Crypto is to money what Amazon was to retail. Those surveyed clearly will not want to be the last one on the boat,” said Nigel Green, the founder and CEO of deVere Group.
The survey involved more than 700 respondents that belong to different geographics viz. the US, the UK, Switzerland, Hong Kong, South Africa, Australia, Spain, Japan, France, Qatar, Germany, Mexico, and the UAE.
Additionally, those having an equivalent of or more than £1 million in investable assets are categorized as high net worth individuals.
“The research shows that wealthy individuals are increasingly seeking exposure to cryptocurrencies. There is growing, universal acceptance that cryptocurrencies are the future of money – and the future is now. High net worth individuals are not prepared to miss out on this and are rebalancing their investment portfolios towards these digital assets.”
However, Green also said this survey “underscores a justified international surge in crypto-optimism.”
Sky’s the Limit for Cryptos
But it’s not just the FOMO behind the surging interest of high net worth individual in BTC as Green explains five other factors.
“First, cryptocurrencies are borderless, making them perfectly suited to an ever globalized world of commerce, trade, and people.
“Second, they are digital, making them perfectly suited for the increasing digitalization of our world, which is often called the fourth industrial revolution.
“Third, they provide solutions for real-life issues, including making international remittances more efficient, and help bank the world’s estimated two billion ‘unbanked’ population.
“Fourth, demographics are on the side of cryptocurrencies as younger people are more likely to embrace them than older generations.
“And fifth, institutional investors are coming off the sidelines and moving into cryptocurrencies, bringing their institutional capital and institutional expertise to the crypto market.”
Just yesterday we saw Bitcoin hitting its five month high as it surged to $5,800 that has turned the market bullish, marking a green start of the May.
Recently, Green had shared that BTC will test the crucial $6k support that will build confidence in the market and “Once this confidence is in place, the sky's the limit for cryptocurrencies, which are increasingly accepted by both retail and institutional investors as the future of money.”
Bitcoin’s price is $39,972.26 BTC/USD exchange rate today. The real-time BTC market cap of $748.89 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $30.39 Billion and live coin value change of BTC 2.09 in the last 24 hours.