The Wealthy Increasingly Embrace Cryptocurrency, Says New deVere Group Study
Cryptocurrencies seem to be on their way toward mainstream use. Regulatory bodies are increasingly involved in their issuance and development. While some countries are going too far with that regulation—outright bans haven’t been unheard of—there’s still a lot of sound forward momentum. Recently, the deVere Group dropped word our way about a new development on the crypto front: the increasing acceptance of crypto among HNWIs, or high net worth individuals.
The deVere Group’s study, which took the form of an international poll, noted that 35 percent of HNWIs would have at least some exposure to cryptocurrency as an investment by the end of 2018. A certain percentage actually already have said exposure. The poll addressed 600 current deVere clients in the US, the UK, the UAE, and Australia, among others.
Nigel Green, deVere Group CEO, noted “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. 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.”
For those who believe crypto really is going mainstream, this is confirmation like no tomorrow. After all, if HNWIs get involved in crypto, that validates the whole concept as an investment. Why wouldn’t people with a lot of money put at least some of it into crypto, expecting it to be more valuable eventually? There’s every reason to believe that could happen; there are still some convinced that a six-figure bitcoin price isn’t out of line, and with over 1,500 other coins to consider, there could be some winning investments out there.
Sure, a poll of around 600 users isn’t exactly a statistical gold-medal winner, but considering we’re talking exclusively about HNWIs here, this could be a trend in the making. Such a trend would also prove good news for the deVere Group itself, which has only increased its offerings of cryptocurrency over the last few months.