A recent study from deVere Group found roughly four out of every five of their high-net-worth clients had asked their financial advisers about adding crypto to their portfolios.
Despite a challenging year for crypto, 82% of millionaire clients had looked into investing in digital assets such as Bitcoin BTC $22,860 in 2022, according to a recent poll conducted by financial advisory firm deVere Group.
The poll results, released on Jan. 30, found that eight out of every 10 of the firm’s high net-worth (HNW) clients surveyed — individuals with between $1.2 million and $6.1 million of investable assets — sought advice on crypto from financial advisers in the last 12 months.
Nigel Green, the CEO and founder of deVere Group, said that despite the surveyed group being “typically more conservative,” he believes the interest stems from Bitcoin’s core values of being “digital, global, borderless, decentralized and tamper-proof.”
Previous years’ studies from the firm have shown a trend of increasing interest in crypto investments from wealthy investors.
A 2020 study from deVere found that 73% of the 700 surveyed high-net-worth individuals either already owned or were looking to invest in cryptocurrencies before the end of 2022, while the firm’s 2019 study found that 68% of global HNW individuals were already invested or planning to invest in crypto by the end of 2022.
Green also notes the uptake in interest in offering crypto services to clients by legacy financial institutions like Fidelity, BlackRock, and JPMorgan as a good sign for the industry.
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A June report from PricewaterhouseCoopers found that roughly one-third of the 89 traditional hedge funds surveyed were already investing in digital assets such as BTC.
The deVere CEO believes this momentum of interest could build further as the “crypto winter” of 2022 thaws in the wake of changing conditions in the traditional financial system.
“Bitcoin is on track for its best January since 2013 based on hopes that inflation has peaked, monetary policies become more favorable, and the various crypto-sector crises, including high-profile bankruptcies, are now in the rear-view mirror.”
“The world’s largest cryptocurrency is up over 40% since the turn of the year, and this will not go unnoticed by HNW clients and others who want to build wealth for the future,” Green added.
Wealthy individuals are not the only ones who have increased their crypto holdings over the last year.
According to a Dec. 13 report by JPMorgan Chase, around 13% of the American population — roughly 43 million people — have held cryptocurrency at some point in their lives, up from only around 3% in 2020.