New Survey: 68% World’s Millionaires Have Invested Or Will Have Invested In Crypto By 2022
A survey released this May has determined that 68 percent of high-net-worth individuals around the world have either already invested in crypto or have planned to do so by 2022.
The results are part of a survey conducted by the deVere Group, a financial consultancy firm headquartered in Dubai. The firm provides its services in more than 100 countries, and currently manages over $10 billion in assets. The deVere Group has more than 80,000 clients globally.
Among the findings detailed in the report is that over two-thirds of the world’s rich, whose net assets’ value equals or surpasses $1.3 million or about 1 million British pounds, will by 2022 be invested in digital assets like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).
The survey included responses from over 700 of deVere’s clients. The company said respondents came from across the world, in major markets like the United States, the U.K., Japan, Australia, Germany, Qatar, Switzerland, France, Mexico, Hong Kong, Spain, and South Africa.
Nigel Green, the deVere Group founder and CEO, explained there are several factors responsible for the growing number of high-net-worth persons interested in crypto. Notably, none of these factors have anything to do with the so-called ‘fear of missing out’ (FOMO).
Green notes that the leading factor is cryptocurrencies’ borderless nature. According to him, this feature means that digital assets are available and accessible from anywhere, and anytime, around the globe.
Among other major factors driving ‘big money’ individuals to crypto is crypto’s role in an increasingly digitalized world. There is also that capacity for cryptocurrencies to provide real-time solutions to real-life issues, including in cross border money transfer and other remittances.
Noteworthy also is crypto’s use in providing financial services to an unbanked population of close to two billion people around the world. Just as well, cryptocurrencies are benefitting from the massive acceptance received from the younger generation.
Another key driver is that institutional investors have begun to be active participants in the crypto space.
The deVere executive also noted that there is a ‘justifiable’ surge in the optimism around cryptocurrencies internationally. He also stated that more is expected from the space once confidence within the market returns.
The firm’s survey report comes out at a time the crypto market is enjoying a mini-rally, with the recent bullish trend seeing bitcoin surge to $5,800- the first time BTC has crossed that threshold in 2019.
The report comes on the back of yet another survey by leading asset manager Fidelity Investments, whose findings in a recent poll revealed that about 22 percent of institutional investors owned digital assets.
Last month, another study found that a growing number of endowments were looking to invest in crypto funds. The report stated that almost 94 percent of surveyed endowments had put funds into a crypto-related investment.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.