82% Of Millionaires Seek Crypto Advice

Despite the market’s rough year in 2022, eight out of ten high net worth (HNW) individuals have contacted their financial advisers about incorporating cryptocurrencies, such as Bitcoin, into their portfolios in the recent 12 months.

According to the findings of a study conducted by financial consultancy deVere Group, 82% of millionaires with investable assets worth between £1m and £5m sought crypto advice.

“In 2022, the crypto market recorded its worst performance since 2018, with Bitcoin, the headline-grabbing market leader, losing roughly 75% for the year,” stated Nigel Green, CEO and founder of deVere Group, in a news release provided with Finbold.

“The price decreases came as investors cut their exposure to risk-on assets, including equities and crypto, due to heightened concerns about inflation and weaker economic development.

“Yet, against the backdrop of the so-called ‘crypto winter,’ HNWs were regularly seeking financial guidance about incorporating digital currencies into their portfolios.”

“Interestingly, this generally more conservative segment was not discouraged by the bear market and bad market conditions,” he concluded. Instead, they wanted to start including or increase their exposure to cryptocurrency.

“This shows that these high-net-worth clients are becoming more aware of the underlying properties of cryptocurrencies such as Bitcoin, which have the core values of being digital, global, borderless, decentralized, and tamper-proof.

“Wealthy investors see that digital currencies are the future of money and do not want to be left behind.”

Many of the HNWs polled will have noticed a constant increase in interest from institutional investors, including Wall Street titans, who bring additional capital, influence, and confidence to the sector.

Interest in cryptocurrency is expected to grow further.

JPMorgan, like many other major legacy financial organizations, like Fidelity, BlackRock, and New York Bank Mellon, has begun to offer crypto-related services to their clients in recent months.

The CEO of deVere predicts that once the ‘crypto winter’ of 2022 begins to thaw, interest in the company will grow even stronger.

“Bitcoin is on track for its best January since 2013 on optimism that inflation has peaked, monetary policies have grown more favorable, and the numerous crypto-sector crises, including high-profile bankruptcies, have passed,” he writes.

“The world’s largest cryptocurrency has increased by more than 40% since the beginning of the year, and this will not go unnoticed by HNW clients and those looking to build wealth for the future.”

“If HNWs were exhibiting such great interest in the 2022 bear market, as market conditions steadily improve, they’ll be among the first to gain on the next bull run,” says Nigel Green.

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