With the dichotomy of the cryptocurrency fever ensconcing investment circles and the growth of the industry beyond its retail investors base, lucrative newcomers are on the horizon. Institutional and other large-scale investors are beginning to embrace cryptocurrencies, adding impetus to the billion-dollar industry.
A recent survey by deVere Group stated that High Net Worth [HNIs] will be flooding the cryptocurrency market in the next three years. The survey details 68 percent of the poll respondents have already invested in cryptocurrencies or are looking to in the next three years.
Bitcoin [BTC], Ethereum [ETH] and XRP, the three largest cryptocurrencies based on market capitalization have been highlighted as the main revenue streams, according to the respondents. It should be noted that, according to the survey, investors having “investable assets” of £1 million or more qualify as HNIs.
Furthermore, the survey was not limited to crypto-friendly countries alone but aimed to gauge enthusiasm from a host of sources. The poll had over 700 respondents from countries such as the UAE, Qatar, South Africa, Spain, and Mexico, in addition to cryptocurrency hotspots like the United States, France, Germany, the United Kingdom, Australia among others.
Nigel Green the CEO of deVere Group stated:
“There is growing, universal acceptance that cryptocurrencies are the future of money – and the future is now. High net worth individuals are not prepared to miss out on this and are rebalancing their investment portfolios towards these digital assets.”
As it was in post the 2017 Bitcoin bull run, Green highlights FOMO [Fear of Missing Out] as one of the main factors that will entice HNIs to the decentralized currency realm. Additionally, these investors will also be pulled in by virtual currency’s principles of borderless payments, digitalization, and real-life adoption.
Green highlights the demographic change that will further usher a wave of young supporters to cryptocurrencies. With the growing interest in cryptocurrencies from Wall Street, institutional investors will bring in, both their “capital” and “expertise” to the virtual currency market, adds the CEO.
Riding high on the wave of popular support for cryptocurrencies, coupled with the price rally experienced over the past month, Green stated that Bitcoin will test the $6,000 support level. Of-late, the market indicators are positive for the top cryptocurrency, as it has seen its price surge by over 40 percent since the close of March.
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