82% of millionaires seek advice on crypto, study reveals
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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.
According to the results of a study compiled by financial advisory firm deVere Group, 82% of clients with between £1m and £5m of investable assets sought advice on cryptocurrencies.
In a press release shared with Finbold, Nigel Green, the CEO and founder of deVere Group, said: “In 2022, the crypto market delivered its worst performance since 2018, with Bitcoin, the headline-grabbing market leader, falling about 75% during the year.
“The price drops came as investors reduced their exposure to risk-on assets, including stocks and crypto, due to heightened concerns about inflation and slower economic growth.
“Yet against this backdrop of the so-called ‘crypto winter’, HNWs were consistently seeking advice from their financial advisers about including digital currencies into their portfolios.”
He continued: “Interestingly, this typically more conservative group were not deterred by the bear market and adverse market conditions. Instead, they were looking to either start including or increasing their exposure to crypto.
“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.
“Wealthy investors understand that digital currencies are the future of money, and they don’t want to be left in the past.”
Many of these HNWs who were polled will also have seen a consistent surge in interest being expressed by institutional investors, including Wall Street giants, who bring further capital, influence and confidence to the sector.
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