According to a survey by independent asset management and FinTech organization Devere Group, 82 percent of millionaires have asked their financial advisors to include cryptocurrencies like Bitcoin in their portfolios in 2022, despite the asset’s decline. With Bitcoin’s value rising in early 2023, millionaires’ interest in crypto has likely increased and generated profit.
Millionaires want Bitcoin in bear market
The market downturn is a depressing time for many crypto investors. It is also a good time for both small investors and high net worth individuals to stock up on coins while waiting for the bull run. Millionaires are indeed attracted to BTC according to a study by independent asset management organization Devere Group.
After surveying its millionaire clients, Devere Group came to the conclusion that 82% of them want to buy the crypto. As a result, they have formally instructed their financial advisors to buy Bitcoin or other crypto in 2022. Last year was one of the worst years for the crypto industry, though. Bitcoin, the market leader in crypto, went from $69,000 to $16,000.
So it clearly appears that the crypto winter did not deter millionaires at all. This reveals that high net worth individuals are gradually becoming aware of the potential of crypto and the opportunities it offers, believes Nigel Green, CEO and founder of Devere Group.
It suggests that high net worth clients are increasingly aware of the inherent characteristics of cryptocurrencies like Bitcoin, which has the core values of being digital, global, borderless, decentralized and unbreakable. Wealthy investors understand that digital currencies are the future of money, and they don’t want to stay in the past.
Nigel Green, CEO and founder of Devere Group.
January 2023 proves Bitcoin investors right in bear market
Buying Bitcoin in the middle of a bear market can be seen as exposure to an asset at risk. At least that is what many private and institutional detractors of Bitcoin think. Nevertheless, the evolution of the value of Bitcoin in January 2023 reveals that buying this asset in the middle of a bear market was an excellent decision for the time being.
Indeed, Bitcoin, which was trading at $16,500 in December 2022, was trading at around $24,000 by the end of January 2023. That’s a remarkable increase of nearly 40%. This increase in the value of Bitcoin has undoubtedly made good business for those who invested in the midst of the bear market. This should further boost millionaires’ interest in the asset, according to Nigel Green.
If millionaires express such interest in the market despite its decline in 2022, they will be among the first to rush in when it rises!
Nigel Green, CEO and founder of Devere Group.
Despite the criticism, Bitcoin has consistently performed well over the years. Since the beginning of this year, the asset has been on an interesting upward path that will most likely continue. Millionaires have realized it: the future will be played out with Bitcoin.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.
