82% of millionaires seek advice on crypto as Bitcoin soars

The crypto space continues to grow in popularity and recognition, with more and more people looking to invest in digital currencies. For high-net-wort individuals (HNW), the attraction of cryptocurrencies is easy to understand. Digital currencies are global, borderless, and tamper-proof, making them highly attractive in an increasingly tech-driven world. In addition, they offer a way to diversify investments, seize opportunities, and mitigate risks, especially during periods of higher volatility.

Not only is Bitcoin the best-performing asset of the decade, with a fixed supply, it is expected to continue appreciating over the long term. This is why many HWNs are starting to acknowledge that crypto is the future of finance and want to be part of it.

HNWs are ready to invest millions in cryptocurrencies

Cryptomonday.de has analyzed a 2022 study, and found that 73% of the 700 surveyed high-net-worth individuals either already owned or were looking to invest in cryptocurrencies before the end of 2022. Only one year earlier in 2019 only 68% of HNWs were looking into cryptocurrencies. And although the crypto market experienced a difficult year in 2022, more and more HNWs are interested in crypto investments.

In 2022, 82% of them were seeking advice on crypto with investable assets between 1 Million pounds and 5 Million pounds. The surge in interest among HNWs is also being influenced by institutional investors and major financial institutions, such as JPMorgan and BlackRock, offering crypto-related services. The CEO of deVere Group believes that this interest in cryptocurrencies will only grow as the crypto winter of 2022 thaws. And this might currently be the case, with Bitcoin up 40% since the start of the year and poised for its best January since 2013.

Boomers discover their interest in cryptocurrencies

Not only high-net-wort individuals are taking an interest in cryptocurrencies. Another survey shows that even older generations, such as baby boomers and Generation X, are becoming more aware of the intrinsic value of digital currencies. As part of their wider retirement planning strategy, these older generations are also looking to increase their exposure to crypto. This trend is likely due to them recognizing the massive potential of cryptocurrencies.

48% of more than 700 said that they already had exposure to crypto or that they are actively planning to invest to some degree in digital currencies before the end of the year. The respondents are clients from all over the world currently residing in North America, the UK, Asia, Africa, the Middle East, East Asia, Australasia and Latin America, and they were all born between 1965 and 1980.

Crypto is finding its way to the masses

The recent global survey conducted by deVere Group highlights the growing interest and adoption of cryptocurrencies not only among high-net-worth individuals, but also among baby boomers and Generation X. The results point to a growing trend of both older and younger generations recognizing the potential of cryptocurrencies as a tool of wealth preservation and diversification.

The continued growth of high-net-worth individuals investing in cryptocurrencies further underscores the mainstream acceptance of digital assets as a legitimate investment option. In addition, institutional investors such as pension funds and investment banks investing in cryptocurrencies influence the mass-acceptance

Jonathan Merry, CEO of CryptoMonday.com

As the crypto market matures, it will be interesting to see how this trend develops and what impact it has on the future of finance.