'They Don't Want to Be Left in the Past': 82% of Millionaires Are Not Deterred From Crypto in the Wake of Sam Bankman-Fried's FTX Collapse Despite the volatile nature of crypto, millionaires still want to be ahead of the curve.
By Sam Silverman Edited by Jessica Thomas
Opinions expressed by Entrepreneur contributors are their own.
Millionaires aren't shying away from crypto despite a year of scandal and big losses.
Although the fallout the Sam Bankman-Fried's FTX collapse and a "crypto winter" are still ongoing, big spenders are still inquiring about investing in crypto.
Related: From Tom Brady to Kevin O'Leary – See Who Lost Big in the Wake of the FTX Crypto Collapse
According to a study conducted by financial advisory firm deVere Group, 82% of its millionaire clients sought advice on cryptocurrencies, with eight out of 10 high-net-worth individuals, who have between $1-$5 million of investible assets, asking their financial advisers about investing in cryptocurrencies, including Bitcoin, in the past 12 months.
The data comes as crypto faced its toughest year yet, with Bitcoin dropping by 75% since its peak trading of $69,000 in November 2021, per CNBC. In December 2022, Bitcoin was trading at $17,000, however, it went up by 40% in January, and as of this writing, Bitcoin is trading at around $23,000.
82% of millionaires seek advice on crypto as Bitcoin soars#PressRelease
— deVere Group (@deveregroup) January 30, 2023
https://t.co/nv6HSZBxEs
Millionaires still want a stake in the growing currency, despite the volatile nature of crypto.
"This suggests that these 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 tamper-proof," Nigel Green, CEO and founder of deVere Group, said about the study's finding.
"Wealthy investors understand that digital currencies are the future of money, and they don't want to be left in the past," Green added.
With crypto up right now, "this will not go unnoticed by HNW clients and others who want to build wealth for the future," he said. "If HNWs were expressing such huge interest in the 2022 bear market, as market conditions steadily improve, they're going to be amongst the first to capitalize in the forthcoming bull run."
