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82% of Millionaires Ask About Putting Crypto in Their Portfolios, Survey Shows – Featured Bitcoin News
Asset management firm Devere Group says 82% of millionaires surveyed have asked their financial advisors to add 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 be stuck in the past,” said the company’s CEO.
Millionaires To Capitalize In Coming Crypto Bull Run, Devere Says
Devere Group, a global financial advisory and asset management firm with $12 billion in assets under management (AUM) worldwide, published the results of its crypto survey on Monday. Devere found that among its millionaire clients with between $1 million and $5 million in investable assets, 82% have sought advice on investing in cryptocurrencies. Without providing further details, the asset management firm wrote:
Eight out of 10 high net worth individuals (HNWs) have asked their financial advisers to include cryptocurrencies, such as bitcoin, in their portfolios in the past 12 months – despite the market facing a difficult year in 2022.
“In 2022, the crypto market delivered its worst performance since 2018, with bitcoin, the headline-grabbing market leader, falling around 75% over the year,” commented Devere Group CEO Nigel Green. He explained that the cryptocurrency drop was a result of investors reducing “their exposure to risk assets, including stocks and cryptos, due to heightened concerns about inflation and lower economic growth.”
However, the executive pointed out that despite the crypto winter, high-net-worth investors “consistently sought advice from their financial advisors to include digital currencies in their portfolios.” Green stressed: “Interestingly, this typically more conservative group was not deterred by the bear market and adverse market conditions. Instead, they were looking to either begin to include or increase their exposure to crypto.”
The Devere chief opined:
This suggests that these high-net-worth clients are increasingly aware of the inherent characteristics of cryptocurrencies such as bitcoin, which have 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 be left in the past,” he further said.
“Bitcoin is heading for its best January since 2013 based on hopes that inflation has peaked, monetary policy has become more accommodative, and the various crises in the crypto sector, including high-profile bankruptcies, are now in the rearview mirror,” the Devere executive continued.
Noting that BTC is up around 40% so far this year, Green said the crypto’s performance “will not go unnoticed” by high-net-worth clients and “others looking to build wealth for the future.” He concluded:
If HNWs expressed such huge interest in the 2022 bear market, as market conditions continue to improve, they will be among the first to take advantage of the upcoming bull run.
Green and Devere Group’s survey participants aren’t the only ones positive about bitcoin. A recent survey published by Nickel Digital Asset Management found that institutional investors expect “a strong year ahead for bitcoin” and 65% of surveyed institutional investors agree that BTC could reach $100,000.
Another survey by Bitwise and Vettafi similarly found that “financial advisors remain highly engaged in crypto markets, with 15% allocation in client accounts and 90% receiving inbound inquiries from clients about the space.” Last month, global investment bank Goldman Sachs ranked bitcoin as the best-performing asset this year.
What do you think about millionaires wanting to invest in cryptocurrency? Let us know in the comments section below.
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