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Millionaire survey: 73% have crypto or will shortly buy them

Millionaire survey: 73% have crypto or will shortly buy them

The number of millionaires who want to invest in crypto is growing: according to the survey, 73% of them intend to enter the sector by 2023.

A survey of more than 700 people with large net assets showed that almost three-quarters of the millionaires surveyed have cryptocurrency or intend to buy it by 2022.

The survey, conducted by the financial consultancy deVere Group, revealed that 73% of those surveyed were optimistic about crypto, up from 68% in 2019.

Participants were selected from a group of individuals with assets of over £1 million, equivalent to around $1.32 million; they were selected from a wide range of parts of the world including the United States, the United Kingdom, Asia, Africa, the Middle East, Australia and Latin America.

The CEO and founder of the DeVere Group, Nigel Green, pointed out that this year Bitcoin was again one of the best performing assets, with a 125% increase over the previous year:

„As the survey shows, these impressive performances are attracting the attention of wealthy investors, who increasingly understand that digital currencies are the future of money and do not want to remain stuck in the past.
Green also made it clear that among the respondents most interested in Bitcoin are members of some of the biggest banks on Wall Street. Asset growth can therefore be attributed to adoption by giants such as PayPal and Square:

„There is no doubt that many of the HNW [High Net Worth] respondents have realised that one of the main drivers of the price increase is the growing interest expressed by institutional investors, who are capitalising on the high returns that digital assets currently offer.
Even people on Wall Street who were previously skeptical of Bitcoin are changing their minds about digital currencies. At a recent New York Times conference, JPMorgan Chase president and CEO Jamie Dimon said he is now a „fan“ of blockchain technology and crypto, if „properly supported and regulated“.

Dimon made headlines in 2017 when he called Bitcoin „a fraud“, although JPMorgan has since approached digital assets.

Billionaire hedge fund manager Ray Dalio, on the other hand, still has many doubts about Bitcoin. However, on Tuesday he came to question his scepticism by writing the following tweet:

„Something may be unclear to me about Bitcoin and I’d like to be corrected.“
Dalius had suggested that Bitcoin was not effective as a reservoir of value and that governments could „ban it and make it too dangerous to use. Dalio also stressed that he could not imagine a scenario in which BTC would be used by central banks, multinationals and large institutional investors.

The results of this millionaire survey was published the same day that Bitcoin’s market cap reached a new all-time high ($336 billion) and its price rose to over $17,700.