Category Archives: high net worth individuals

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New Global Poll Reveals High-Net-Worth Individuals Are Flocking to Crypto

New Global Poll Reveals High-Net-Worth Individuals Are Flocking To Crypto

A new survey by global financial advisory service deVere Group revealed that over two-thirds of high-net-worth individuals – having investable assets in the excess of EUR 1 million or its equivalent – will invest in cryptocurrencies over the next three years.

In fact, the survey shows that 68 percent of poll participants are already invested or will join those invested in Bitcoin and other cryptocurrencies by the end of 2022. The 700-plus respondents reside in the US, the UK, Australia, the UAE, Japan, Qatar, Switzerland, Mexico, Hong Kong, Spain, France, Germany, and South Africa.

Nigel Green, deVere’s CEO sees five major factors driving the current interest among high net worth individuals and high earners with assets above USD 1 million. He suggested that:

“There is growing, universal acceptance that cryptocurrencies are the future of money.”

He further implied that those with money are unlikely to want to miss out on the financial benefits this may bring, and are restructuring their investment portfolios to prepare for this. He explains his five factors as:

“First, cryptocurrencies are borderless, making them perfectly suited to an ever globalized world of commerce, trade, and people.”

“Second, they are digital, making them perfectly suited for the increasing digitalization of our world, which is often called the fourth industrial revolution.”

“Third, they provide solutions for real-life issues, including making international remittances more efficient, and help bank the world’s estimated two billion ‘unbanked’ population.”

“Fourth, demographics are on the side of cryptocurrencies as younger people are more likely to embrace them than older generations.”

“And fifth, institutional investors are coming off the sidelines and moving into cryptocurrencies, bringing their institutional capital and institutional expertise to the crypto market.”

With Bitcoin testing a USD 6,000 price support, building confidence on the wider cryptocurrency market, Green maintains this is helping rebuild confidence into the whole cryptocurrency market.

Mr. Green recently told the media that he believes that Bitcoin will imminently test the crucial USD 6,000 price support.


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Society’s Richest Need Better Crypto Advice – World Wealth Report

According to the Capgemini World Wealth Report published on 19 June 2018, although the rich are seemingly getting richer, they need more crypto advice from wealth management.

It appears that the richest of society aren’t learning enough about the new financial technology to convince them to invest with any sense of conviction, despite the new crypto wave getting plenty of global press. The report targets high net worth individuals (HNWIs), with at least USD 1 million to invest outside of their main property investments, as those needing some extra cryptocurrency knowledge.

Figures have pointed to a 27% of the very rich not yet investing for one reason or another as potential crypto investors. Add to that 29% of millionaires already invested and the market could swell given the extra injection of interest. It appears though, that only a third of the millionaires surveyed had received any information from their wealth managers about cryptocurrency investment.

According to the report, it is still the young who are driving cryptocurrency at the top level, and as such this knowledge needs to be passed on to colleagues and wealth management. Currently, the report suggests only 56% of HNWIs are well connected with their wealth managers, indicating there might be an education gap in the financial industry as a whole when it comes to cryptocurrency awareness.

This also indicates that it is probable that there is some catch up required in the financial industry for wealth managers to become more knowledgeable about cryptocurrency, blockchain and what these can offer, before they can pass on this knowledge to their client investors as an alternative investment opportunity. There are indications though that some wealth managers are still skeptical of promoting cryptocurrency products as investment opportunities to their HNWI clients.

Capgemini puts the lag in crypto uptake among the rich as down to regulatory uncertainty and “firm caution”, but remain optimistic regarding the future of the space.


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