01 Feb 2023 Samantha McLauren
Millionaires Want Bitcoin In Their Portfolio, A Survey States
Despite the "crypto winter," data from asset management company Devere Group shows that 82% of millionaires had discussed with their financial advisors adding cryptocurrencies like Bitcoin to their portfolios.
The chief executive of the company stated that wealthy investors "understand that digital currencies are the future of money" and "don't want to be left in the past." The findings of Devere Group's cryptocurrency survey were released on Monday, January 30.
Devere Group is a global financial advisory and asset management organization with $12 billion in assets under management (AUM) worldwide. The asset manager discovered that 82% of its millionaire clients had inquired the company about investing in cryptocurrencies. These clients had investable assets between $1 million and $5 million.
„Eight out of 10 high net worth (HNW) individuals have asked their financial advisers about including cryptocurrencies, such as bitcoin, into their portfolios over the last 12 months — despite the market experiencing a difficult year in 2022.“ Devere noted.
Nigel Green, CEO of Devere group, added that last year saw the worst performance for the crypto sector since 2018 with Bitcoin losing around 75% from its all-time high. Furthermore, the CEO explained that due to the bearish year, investors decided to lower their exposure to riskier assets like cryptocurrencies.
“This suggests that these high net worth clients are increasingly aware of the inherent characteristics of cryptocurrencies like bitcoin, which has the core values of being digital, global, borderless, decentralized and tamper-proof.” Nigel Green added.
Investors and the recent Bitcoin price increase
Devere Group’s CEO also highlighted that the recent 40% price spike in the value of Bitcoin “will not go unnoticed” by high net-worth clients and “others who want to build wealth for the future.”
„If HNWs were expressing such huge interest in the 2022 bear market, as market conditions steadily improve, they’re going to be amongst the first to capitalize in the forthcoming bull run.“ Green concluded.
Meanwhile, Green and Devere Group`s survey was echoed by other asset managers, who are optimistic about Bitcoin.
According to a new survey by Nickel Digital Asset Management, institutional investors believe Bitcoin will have "a solid year ahead of it" and 65% of them think the price might hit $100,000.
Financial advisors "remain highly engaged in crypto markets, with 15% allocating in client accounts and 90% receiving inbound questions from clients about the space," according to a different survey by Bitwise and Vettafi. Last month, major investment bank Goldman Sachs named Bitcoin "the best-performing asset of the year".
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