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73% of millionaires have invested or plan to invest in cryptocurrency

Photo of: Nathan VDH
by Nathan VDH

The interest of wealthy investors in cryptocurrencies continues to grow. Thus, 73% of them declare to hold or plan to invest in these assets by 2022. This is 5 points more than in 2019.

Forget paper money, which is worthless, and invest in Bitcoin. This is the message carried this week by Ricardo Salinas Pliego, a wealthy media industry boss. He says he holds 10% of his cash portfolio in the form of Bitcoin.

Without having such an asset, other investors are also choosing cryptocurrency, or consider it as an investment among others. This is one of the conclusions of the study conducted by deVere Group.

According to the financial consulting firm, about 73% of respondents already own or plan to invest in cryptocurrencies by the end of 2022. And the respondents are not just any investors.

Indeed, the survey focuses on HNW (high net worth) individuals with at least one million pounds (or $1.32 million) of assets to invest. These wealthy investors are therefore willing to invest a portion of their portfolio in crypto-assets.

But moreover, this share is clearly increasing over a year. A year earlier, the same study measured this interest in cryptocurrency among 68% of respondents. An increase of 5 points over one year is clearly significant.

This result should also be compared with those of the “Bitcoin Investor” study by Grayscale. In 2020, more than half (55%) of US investors express interest in Bitcoin products (compared to 36% in 2019).

Institutional investors are driving up prices for cryptocurrencies
Bitcoin alone does not represent the entire market for crypto assets. However, its performance this year is undoubtedly helping to capture attention and interest. With 125% growth in 2020, Bitcoin once again stands out as one of the best performing assets.

“As the survey shows, this impressive performance is attracting the attention of wealthy investors who increasingly understand that digital currencies are the future of money and that they do not want to be relegated to the past,” commented DeVere CEO Nigel Green.

The financier adds that the major Wall Street banks are also sensitive to Bitcoin’s returns. And the adoption of cryptocurrency by multinationals such as PayPal and Square contribute to these results.

“There’s no doubt that many of the millionaires surveyed found that one of the main drivers of the price surge is the growing interest expressed by institutional investors who are capitalizing on the high returns that the digital asset class is currently offering,” Green said.