The rich do not want to miss out on crypto opportunities. Study shows that 82% of millionaires are actively seeking crypto advice from their financial advisers. They want to learn if adding Bitcoin to their portfolio would be a wise decision considering the market has been bearish during 2022. This shows that it is not just the retailers who believe there might be a bright future for cryptocurrencies.
Survey shows interest in cryptocurrencies
deVere Group, a financial advisory company, recently reported that 8 out of 10 individuals who have assets between 1 million Euros and 5 million Euros are asking about cryptocurrencies. They want advise on which crypto to invest in and even if they should. This is happening despite the fact that Bitcoin had the worst year after 2018 in 2022, falling by 75%. This was due to the fear of inflation, recession and slow growth in risk-on assets. However, this didn’t stop the rich from asking whether adding digital assets to their portfolio would be a wise decision.
Most people were not affected by the bear market and were looking to either invest in crypto for the first time or increase their holdings. This shows that the price of Bitcoin doesn’t justify what value it brings and the future potential it has. So, no one wants to be left behind.
Plus, now that January has been an excellent year for Bitcoin and the crypto markets in general, we can expect interest in the industry to rise further. Many banks such as JPMorgan and other financial companies such as Blackrock and BNY Mellon have already started to offer crypto services and cater to this demand.
Assumptions
Bitcoin is now having the best January ever since 2013. However, this move upward has come after a lot of assumptions the market has made. If these theories fail, we could see a price decline again. First of all, the market is expecting the US Feds to pivot on interest rates and cut them down to boost economic activity. There is a Federal meeting scheduled for 1st Feb, and if it doesn’t happen the markets could bleed red. In fact, many analysts are predicting that to happen.
What are your thoughts as the survey shows that millionaires are actively seeking crypto advice? And do you think the feds will raise interest rates again on Feb 1 2023? Let us know in the comments below. And, if you found our content informative, share it with your family and friends.
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