Asset management firm Devere Group said that 82% of millionaires surveyed said that despite the crypto winter, adding cryptocurrencies such as bitcoin to their portfolios was not something they would do. financial advisors about adding cryptocurrencies to their portfolios despite the crypto winter.” Wealthy investors understand that digital currencies are the future of money and they don’t want to be left in the past,” said the firm’s CEO.
Millionaires will capitalize on the coming crypto bull run, DeVere says
Devere Group, a global financial advisor and asset management firm with $12 billion in assets under management (AUM) worldwide, released the results of its crypto survey on Monday.Devere found that among its millionaire clients with $1 million to $5 million in investable assets, 82% are seeking advice on investing in cryptocurrencies investment, the survey found that 82% sought advice on investing in cryptocurrencies. Without providing additional details, the asset manager wrote:
Eight out of ten high net worth (HNW) individuals have asked their financial advisors about including cryptocurrencies such as Bitcoin in their portfolios over the past 12 months – even though the market is experiencing a difficult year in 2022.
“In 2022, the crypto market delivered its worst performance since 2018, with headline market leader bitcoin falling about 75% during the year.” Devere Group CEO Nigel Green commented. He explained that the crypto price decline resulted from investors “reducing their exposure to risk-on assets, including equities and crypto, due to growing concerns about inflation and slowing economic growth.”
However, the executive noted that despite the crypto winter, wealthy investors “consistently sought advice from their financial advisors about including digital currencies in their portfolios.” Green emphasized. Interestingly, “this generally conservative group has not been frustrated by bear markets or adverse market conditions. To the contrary, they were looking to start including crypto or increasing their exposure.”
Devere executives weighed in.
This suggests that these affluent customers are increasingly aware of the unique characteristics of cryptocurrencies like bitcoin, with its core values of being digital, global, borderless, decentralized, and tamper-proof.
“High net worth investors understand that digital currencies are the future of money and do not want to be left behind in the past.” He further states.
“Bitcoin is on track for its best January since 2013 based on expectations that inflation has peaked, monetary policy has become more favorable, and various crypto sector crises, including high-profile bankruptcies, are in the rearview mirror.” The Devere executive continued.
focusing on BTC, which is up nearly 40% so far this year, and Green said that crypto’s performance “will not go unnoticed” by wealthy clients and “others who want to build assets for the future.” He concluded.
If HNWs were showing such great interest in a bear market in 2022, they would be among the first to capitalize on the coming bullishness as market conditions steadily improve.
Green and DeVere Group survey participants are not the only ones bullish on Bitcoin. A recently released survey by Nickel Digital Asset Management found that institutional investors expect “a strong year for bitcoin,” with 65% of surveyed institutional investors agreeingthat BTCcould reach $100,000
Another survey by Bitwise and Vettafi similarly found that “financial advisors remain highly engaged in the crypto market, with 15% allocating to client accounts and 90% receiving inbound questions from clients about this space.” The results show that this is the case. Last month, global investment bank Goldman Sachs ranked bitcoin as the best performing asset of the year.
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