Millionaire survey shows almost 75% favour crypto

A new survey of 700 high-net-worth individuals (HNWIs) discovered that almost 75% of them “either already own or are looking to invest in cryptocurrencies before the end of 2022,” says Cointelegraph.

Conducted by the DeVere Group, a financial advice organisation, “the survey revealed that 73% of respondents are bullish toward cryptocurrencies, an increase from 68% in 2019.”

The people surveyed were those who have more than one million pounds sterling in their bank accounts, or its equivalent in other currencies, and came from the UK, USA, Asia, Africa, the Middle East, Australia and Latin America.

Bitcoin is the best performing asset in 2020

Nigel Green, DeVere’s CEO, remarked that Bitcoin had been one of the best-performing assets this year, with a year-to-date increase of 125%. He added: “As the survey shows, this impressive performance is drawing the attention of wealthy investors who increasingly understand that digital currencies are the future of money and they don’t want to be left in the past.”

Green also mentioned that some of the biggest investors with an interest in Bitcoin included some of Wall Street’s biggest banks. He attributes their sudden warmth towards the leading digital asset as a result of PayPal and Square moving in the crypto arena.

He said: “No doubt that many of these HNWs who were polled have seen that a major driver of the price surge is the growing interest being expressed by institutional investors who are capitalising on the high returns that the digital asset class is currently offering.”

Even Jamie Dimon, JP Morgan’s SEO, who once loathed Bitcoin, says he is now a ‘believer’ in blockchain technology and “properly backed, properly regulated” cryptocurrencies.

The sceptic’s view

Of course, there are always the sceptics, such as Ray Dalio, a hedge fund manager. He tweeted, “I might be missing something about Bitcoin so I’d love to be corrected.” He thinks “governments may outlaw it and make it too dangerous to use.” And that “he can’t imagine central banks, multinational companies and big institutional investors using it.”

Yet the DeVere study, and news coming out of various regions suggests Dalio is wrong about this, as we are likely to see Central Bank Digital Currencies, and institutional investors are increasingly coming on board with crypto.

The tide appears to be turning in favour of crypto, which is why it makes sense to have a crypto-friendly account where you can manage both crypto and fiat currencies in one place, such as the Creditum Lite app, a pilot project by Swiss-based fintech Creditum.

Find out more and register for your Creditum account at https://creditum.io/