New survey: 82% of millionaires seek crypto advice

The bear market prevents many people from investing in the crypto market. Recently you could read in the Bitcoin news that the Fear & Greed Index is currently at a ten-month high, due to the recent surge in bitcoin (BTC) and, with it, the entire crypto market. In the past year it was mainly fear that dominated the market.

This apparently hasn’t deterred high net worth millionaires, as a new study has found that eight in 10 high net worth millionaires would have consulted their financial advisor about crypto.

Crypto advice

According to it researchconducted by financial advisory firm deVere Group, 82% of clients with between £1m and £5m in investable assets sought crypto advice. In 2022, the price of bitcoin has fallen by about 65% and many investors actually reduced their exposure to so-called risk on assetssuch as stocks and cryptocurrencies.

Nigel Green, the CEO and founder of deVere Group, had this to say about the heightened interest from high net worth millionaires:

This suggests that these high net worth clients are increasingly aware of the inherent characteristics of cryptocurrencies such as bitcoin, which has the core values ​​of being digital, global, borderless, decentralized and tamper-resistant. Wealthy investors understand that digital currencies are the future of money, and they don’t want to stay in the past.”

Normally, this group of investors is seen as very conservative, which makes it very interesting that they are now so interested in investing in crypto despite the low prices.

Interest in bitcoin will continue to grow

In addition, many of the high net worth individuals who participated in the survey see a steady increase in institutional investor interest in crypto. In recent months, JPMorgan, like many other major financial institutions including Fidelity, BlackRock and New York Bank Mellon, has also started offering crypto-related services to their clients.

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Green believes that interest in bitcoin and other cryptocurrencies will only increase as the ‘crypto winter’ draws to a close:

“Bitcoin is heading for its best January since 2013, based on hopes that inflation has peaked, monetary policy is becoming more favorable and the crypto sector’s various crises, including high-profile bankruptcies, are now in the rearview mirror.” ‘

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