A new survey has found that while the interest of high net worth individuals (HNWIs) in cryptocurrencies soared last year, only a small amount received information from their wealth managers on how to invest in the space.
Millionaires Express Interest in Cryptocurrencies
Last year saw a surge of interest in the cryptocurrency market. As a result, the price of Bitcoin saw its value jump to within touching distance of $20,000. With Ethereum, Bitcoin Cash, and Litecoin also experiencing a rise in market prices, the combined market cap rose to $830 billion.
Unsurprisingly, this good turn of events saw an influx of new investors keen to get involved. Paris-based Capgemini, a multinational professional services and business consulting corporation, conducted the recent survey. In its Capgemini World Wealth Report 2018, it defined HNWIs as those having at least $1 million to invest.
In its survey, it found that 29 percent expressed an interest in investing in cryptocurrencies. A further 27 percent indicated that they were somewhat interested, reports Reuters. Interestingly, of those, only a third said they received information on cryptocurrencies from their wealth managers.
Yet, with an increasing number of rich investors eager to put their money into the market, wealth managers may have to be a bit more informative. The study reads:
Although regulatory uncertainty and firm caution have prevented cryptocurrencies from penetrating the wealth management industry, the strong demand for information on cryptocurrencies from younger HNWIs is likely to force wealth management firms to at least develop and offer a point of view during the months ahead.
Cryptocurrencies Are Becoming Harder to Ignore
The crypto industry has faced many trials and tribulations over the years. Despite this, though, it remains steadfast, doggedly determined to disrupt the status quo. Slowly but steadily making its way into the mainstream, it’s no longer a case of ignoring the market.
For this reason alone, many are of the opinion that digital currencies are here to stay. Others are thinking along the lines the Bitcoin will become a single global currency. However you look at it, though, more people are investing in the market. This, in turn, highlights the confidence that countless others have of where it’s heading and want to get involved.
Not only that, with the regulatory picture improving, more companies and investors are likely to turn to the market to invest their money into. It remains to be seen how wealth managers embrace the industry in the future, but it’s clearly something they need to look into.
Do you think HNWIs should receive more information on cryptocurrencies? Let us know your thoughts in the comments below.
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