Mainstream status for bitcoin and other forms of crypto is likely right around the corner.
More Millionaires Want Bitcoin
According to the DeVere Group, clients with a net worth of approximately $1 million or more are seeking deeper exposure to cryptocurrency. The ideas of trading, selling and purchasing bitcoin and related digital assets are becoming very attractive, and those with a lot of money in their bank accounts want in.
Nigel Green, the founder and CEO of the organization, is predicting that approximately 68 percent of millionaires will be invested in some sort of crypto-based venture by the year 2022. He comments:
There is growing, universal acceptance that cryptocurrencies are the future of money, and the future is now. High net worth individuals are not prepared to miss out on this and are rebalancing their investment portfolios towards these digital assets. Crypto is to money what Amazon was to retail. Those surveyed clearly will not want to be the last one on the boat.
What’s interesting is how much time professional traders have spent away from cryptocurrencies, believing they were too volatile to take seriously. Over the years, bitcoin and other forms of cryptocurrency have proven vulnerable to outside market influence. This, in turn, has caused them to lose hundreds or even thousands from their prices, and many traders have been too concerned with losing their funds as soon as they’re invested.
Is it possible this attitude is changing? Green thinks so, thanks to five separate reasons:
- As borderless currencies, crypto assets can be traded, sold or bought from anywhere in the world.
- They are digital, meaning they are suited for the incoming tech era.
- They are perfect for remittance payments.
- Many younger generations are very fond of cryptocurrencies, which Green thinks will help improve their popularity over the years as these younger generations age.
- Institutional investors are showing more positivity towards crypto.
Last April, Green commented that the bearish market trends that had been dominating the crypto space since early 2018 were finally coming to an end. With bitcoin’s recent spike beyond the $5,700-mark, one can assume he was right. Green stated:
I’m now calling that the market has bottomed, and the so-called crypto winter has come to an end. I believe it will now move higher over the next few weeks and months, making steady gains for investors. As the largest cryptocurrency by market cap, this will have a positive impact on prices in the wider crypto sector.
Crypto Is Exploding Everywhere
For the most part, Green appears to know what he was talking about. Bitcoin isn’t the only currency as of late to experience solid gains, with additional assets such as Ethereum, bitcoin cash, EOS and Litecoin experiencing spikes from two to seven percent over the past several days.