Bitcoin (BTC) ownership among millionaires will climb to 73% by 2022
Fear of missing out will drive more millionaires to invest in cryptocurrency over the next two years.
Cryptocurrency adoption increased during the coronavirus pandemic as investors turn to Bitcoin as a hedge against inflation, while regular buyers ditch the cash and use digital payment options, including digital currencies. But a recent survey revealed that the number of millionaire Bitcoin owners is set to increase in a few years.
In fact, the majority of millionaires will likely own Bitcoin within two years. According to a recent global survey by Devere Group, 73% of the world’s millionaires will own cryptocurrencies by the end of 2022, Bitcoin.com reported.
The figure is 5 percentage points compared to last year. In the 2019 survey, Devere found that only 68% of millionaires expressed interest in investing in cryptocurrencies in the next two years or have invested in digital currencies yet.
Participants in the Devere Group survey are made up of 700 high net worth clients from the United States, United Kingdom, Asia, the Middle East, Latin America and Australasia. The study only included people with more than $ 1 million in investable assets.
According to Nigel Green, founder and CEO of the Devere Group, one of the factors that would lead these millionaire investors to buy cryptocurrency is the fear of missing out (FOMO). “High net worth individuals are not prepared to miss the future of money and rebalance their portfolios towards these digital assets,” Green explained.
“The price of bitcoin is up 125% year-to-date, again making it one of the top-performing assets of the year,” Green added. “As the survey shows, this impressive performance is attracting the attention of high net worth investors who increasingly understand that digital currencies are the future of money and that they don’t want to be left in the past. “
At press time, Bitcoin is trading at around $ 18,123. Crypto has grown by over 150% since the start of 2020, based on data from Barchart.com.
BTC’s recent rally has sparked speculation that it may be on the verge of breaking the December 2017 record high and setting a new high.
Investors are increasingly looking to Bitcoin as a hedge against inflation caused by the coronavirus pandemic. “These emergency measures, like the massive money printing program, reduce the value of traditional currencies like the dollar,” Green said.
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