Millionaires in Crypto Wonderland
It’s no doubt that crypto is big news. This latest development might give some more clarity to just how big it is. A survey has found that a whopping 82% of millionaires globally have asked about putting crypto in their portfolios.
Millionaires Taking Crypto Seriously
The survey, conducted by hedge fund Glassgate Capital, queried 827 individual investors with a net worth of at least $1 million. Their findings? That over four fifths of high net worth individuals — an impressive 82% — had asked questions about investing in cryptocurrency, with 59% saying they were seriously considering adding crypto to their investment portfolios.
So what’s making millionaires take crypto so seriously? Well, when you compare the survey results to a similar survey of 275 millionaires conducted by Spectrem Group in 2018 — which found only 6% owned crypto — it’s clear that the tide has drastically changed in only two short years.
Crypto Going Mainstream?
The survey’s results strongly suggest that the crypto market — once the domain of only the most daring investors — is steadily moving into mainstream consciousness. With the advantages of crypto — such as decentralization, autonomy, and, oftentimes, anonymity — making it more attractive to all sorts of investors.
The survey also found that Bitcoin and Ethereum were the leading cryptocurrencies — taking over 66% combined of the mentions from the millionaires — though newer and more alternative coins, such as Polkadot, Maker and Filecoin, are being considered as well.
Crypto Surging Ahead
There are other signs that Crypto is on the up. According to a recent report from the Bank for International Settlements, the overall crypto trading volume has been surging ahead and is now 3x what it was at its peak in September 2017. Not to mention that, as of June 2021, the total crypto assets in circulation was an astounding $3.3 trillion.
Still, while these stats are extremely encouraging, they also present a bit of a warning. As more and more money floods into the crypto market, there’s a greater need for regulation and vigilance. It’s important to stay informed and to do your own research.
Investing in Crypto
To conclude, while the survey by Glassgate Capital highlights just how serious many millionaires are taking the prospect of investing in crypto, it also shows just how important it is that everyone considers investing in crypto in a mindful, responsible and informed way.
Here’s a few tips to keep in mind when thinking about investing in crypto:
- Do your own research: Before investing in any crypto, be sure to do your own research – this means looking into the viability of projects, their team and having an understanding of their roadmap.
- Know the risks: Cryptocurrency investment is highly speculative and comes with considerable risk – make sure you understand the risks before investing and ensure you’re only investing what you can afford.
- Monitor the markets: Crypto markets are highly volatile – it’s important to keep an eye on the markets and make sure you’re aware of any movements.
So, millionaires, be aware! Whether you decide to invest in crypto or not, just make sure you do it in an informed and responsible way.
