Nearly 70% Of Millionaires Globally Have Current Investments Or Intentions To Buy Bitcoin By 2022
68% Of Global Millionaires Have Invested Or Plan To Invest In Crypto By 2022
A recent study has revealed that 68% of global millionaires have already invested or plan to invest in crypto by 2022.
Dubai-based financial consultancy firm DeVere Group, which has more than $10 billion in assets under management, conducted the survey of high net worth individuals worldwide. Results of the study were released earlier today.
To qualify as a ‘millionaire’ for the study, respondents were required to have assets greater than 1 billion GBP or $1.3 million USD.
The survey included more than 700 DeVere Group clients. The firm manages assets for clients in more than 100 countries worldwide. Respondents were based in Australia, the United States, the UK, Japan, Qatar, Switzerland, Mexico, Hong Kong, Spain, France, Germany, South Africa, and the United Arab Emirates.
Crypto Usage Among Millionaires Growing Due To Several Factors
DeVere founder and CEO Nigel Green attached to the report several major factors driving global millionaires to focus on crypto. FOMO was one big reason: millionaires have a fear of missing out on the next big trend.
Another reason for the interest in crypto was the fact that it’s borderless, allowing millionaires to access their money all over the world without dealing with traditional financial networks or international banking transfers.
Green also claimed that millionaires like crypto because it suits the trend of increasing digitalization. The world has become increasingly digitalized. Millionaires no longer rely on costly remittance services to move money around the world. The digitalization of crypto can solve real-world problems like the two billion unbanked individuals living in developing parts of the world.
Two more factors identified by DeVere Group in the report included acceptance by the younger generation and active involvement by institutional investors.
Green concluded the study stating that “The sky is the limit for cryptocurrencies”. Overall, the report was optimistic about the future of cryptocurrencies: with two-thirds of the world’s millionaires being interested in crypto (or having already purchased crypto), the future certainly looks bright.
Separate Study Reveals Nearly 1 in 4 Financial Institutions Already Owns Crypto
A separate study released earlier this week showed that 22% of institutional investment firms already own digital assets.
That study, released by US-based Fidelity Investments, showed that 22% of institutional investors already own some type of digital assets. In other words, somewhere between 1 in 4 and 1 in 5 investment firms already have a stake in crypto.
The study also indicated that the number of institutional investment firms who own digital assets is likely to increase over the next five years as institutional investors “see a place for digital assets in investment portfolios.”
Other notable information from that study includes the fact that 72% prefer to buy investment products that hold digital assets, 57% prefer to buy crypto assets directly, and 57% prefer to buy an investment product that holds digital asset companies.
“We’ve seen a maturation of interest in digital assets from early adopters, like crypto hedge funds, to traditional institutional investors like family offices and endowments,” said Tom Jessop, president of Fidelity Digital Assets, which provides custody and trade execution services for digital assets to institutional investors.
As institutional support for cryptocurrencies continues to grow, it may be enough to reverse crypto winter and take us out of this prolonged bear market.