Only a Third of the Richest Informed on Bitcoin

Despite seeing their investment return above 20% in 2017 for two consecutive years, the richest people in the world say they are not fully satisfied with their asset managers and want to learn more about crypto.

Only a Third of the Richest Were Informed on Crypto

The collective wealth of the world’s millionaires went up to US$70 trillion for the first time, and they will have amassed US$100 trillion by 2025, a survey released earlier this week revealed. The Capgemini World Wealth Report 2018 found that rich people are increasingly interested in cryptocurrencies, but only about half of them are happy with their wealth managers, Reuters reported. Only a third of these millionaires said they got information about cryptocurrencies from their asset managers.

Twenty nine percent of these “high net wealth individuals,” (HNWIs) defined by the Capgemini investigation reportedly expressed a high interest in buying or holding cryptocurrencies, and twenty seven percent said they were just overall interested in the topic. Although the general public is still skeptical about cryptocurrencies like bitcoin, an increasing amount of people express a wish to understand it better.

“I am surprised how many of my younger friends are now involved with cryptocurrencies. I wanted to buy some myself, but I don’t understand it well enough to make major investments,” a business woman in Tokyo said. Sally Young (34), who already made millions in real estate investments in the U.S. and in the Philippines, says she is reluctant to invest in crypto at the moment because she doesn’t know enough about them. “When I invest my money, I need to know exactly what I’m investing in,” she said. “With bitcoin, it seems way too difficult to understand how the system really works, and the stories I hear just sound too good to be true,” she explained.

The Bank for International Settlements (BIS), which is the coordinating agency for the world’s central banks, is by definition conservative. In its 2018 annual report released on June 17th, the agency said that “Bitcoin and other cryptocurrencies are a poor substitute for dollars, euros and other central bank-backed [currencies], because they don’t scale with growing demand, require excessive amounts of energy and fluctuate greatly in value.” […]

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