A survey by British estate agent Knight Frank revealed 21% of wealth advisors and Private bankers had clients with exposure to cryptocurrency. The annual survey is conducted every year but this discovery didn’t come without controversy. It has revealed that many of these super-rich may lack understanding of the technology behind the asset class. The findings are based on responses from more than 500 advisers who represent 50,000 investors at a combined wealth of $3 trillion.
Nicholas Holt, Knight Frank’s head of research for Asia Pacific, commented “we asked about their understanding of blockchain and there’s still a huge amount of misunderstanding about blockchain,” he continued “although people are getting on the train about investing in cryptocurrencies, perhaps there’s not a full understanding of what this could mean to their wealth portfolio,”
This does seem like a growth area and to many just a trend or even a FAD. The report still maintained what’s normal for the super wealthy that a large part of their wealth is situated in stocks and property, a bread and butter of any investment portfolio.
The report continued to summarise the crypto market nicely stating:
“In recent months, crypto markets have faced increased government regulation, including a few outright bans on trading digital currency, alongside negative comments from crypto sceptics, including Berkshire Hathaway Inc., Warren Buffet and JP Morgan CEO Jamie Dimon. Despite the criticism, digital currencies such as Bitcoin, Ethereum and Ripple have made their way deeper into the mainstream, making a major win with a debut on the futures market in the U.S.”
The rich need bigger, faster and risky exposure to make a greater gain. This all comes after several weeks ago an anonymous trader purchased $400 million worth of Bitcoin.
In conjunction, a second wealth report by financial consulting firm, deVere Group showed that 35% of their high worth individual surveyed have or will have some sort of exposure to cryptocurrency. Clearly, sophisticated and seasoned investors cannot ignore the investment opportunity and the potential of cryptocurrency in the future financial world.
deVere Crypto, the company’s app and digital exchange platform, delivered this information from its latest international cryptocurrency survey. More than 600 deVere clients from the U.S.A, UK, Australia, the UAE, Qatar, Hong Kong, Western Europe and South Africa provided responses for the cryptocurrency poll.
“The survey’s findings demonstrate that high net worth individuals are increasingly unable to ignore the huge potential of cryptocurrencies. There’s now surging public awareness of the value, need and demand for digital, global currencies in a digitalized, globalized world,” deVere Group founder and CEO Nigel Green said. He continued “I expect that a broader awareness and understanding of the crypto sector will grow exponentially in the next year as the tech that underpins it further improves, as major corporations and financial institutions embrace it, and as regulation is further developed. I believe that there is no longer any doubt that cryptocurrencies in some form are the future of money. And, seemingly, this is a view increasingly shared by wealthy investors the world over.”
Here here.
The information came in conjunction as deVere Crypto added two new coins for customers to buy on its app; Bitcoin Cash (BCH) cash and EOS (EOS).
