More than two-thirds of high-net-worth individuals will be invested in cryptocurrencies in the next three years, according to a new global poll. Carried out by independent financial advisory organisation deVere Group, the survey shows that 68% of poll participants are now already invested in or will make investments in cryptocurrencies, such as Bitcoin, Ethereum and XRP, before the end of 2022.
The 700-plus respondents are clients who currently reside in the US, the UK, Australia, the UAE, Japan, Qatar, Switzerland, Mexico, Hong Kong, Spain, France, Germany and South Africa. High net worth is classified in this context as having more than £1-million (or equivalent) in investable assets.
Nigel Green, founder and CEO of deVere Group, comments: “The research shows that wealthy individuals are increasingly seeking exposure to cryptocurrencies.
“There is growing, universal acceptance that cryptocurrencies are the future of money – and the future is now. High net worth individuals are not prepared to miss out on this and are rebalancing their investment portfolios towards these digital assets. Crypto is to money what Amazon was to retail. Those surveyed clearly will not want to be the last one on the boat.”
Green believes there are five main drivers for high-net-worth individuals’ surging interest in cryptocurrencies. “First, cryptocurrencies are borderless, making them perfectly suited to an ever globalised world of commerce, trade, and people.
“Second, they are digital, making them perfectly suited for the increasing digitalisation of our world, often called the fourth industrial revolution.
“Third, they provide solutions for real-life issues, including making international remittances more efficient, and help bank the world’s estimated 2-billion ‘unbanked’ population.
“Fourth, demographics are on the side of cryptocurrencies as younger people are more likely to embrace them than older generations.
“And fifth, institutional investors are coming off the sidelines and moving into cryptocurrencies, bringing their institutional capital and institutional expertise to the crypto market,” he says.