A new survey has today shown that young wealthy people are increasingly interested in the cryptocurrency space.
According to consultant Capgemini’s World Wealth Report 2018, wealth management firms will need to move beyond their “ambivalence” towards providing their young wealthy clients with information about cryptocurrency investments.
Reporting that more than 25% of the High Net Worth Individuals (HNWIs) surveyed “place importance” on getting information about cryptocurrencies, the survey showed that the percentage is even higher for millionaires under the age of 40 - with the figure increasing to 70% for this demographic.
The survey also showed that globally just over 39% of HNWIs say the primary reason they would hold cryptocurrencies is for investment return, while 19% view them as an alternative store of value.
Strong Regional Variation
Of particular interest is the regional differences with regards to HNWI's attitudes towards purchasing and holding cryptocurrencies. With North American, European and Japanese interest levels among the lowest, a clear standout was Latin America - where nearly 60% of HNWIs showed high interest levels in cryptocurrency investments.
This enormous interest in Latin America in particular will not be surprising to many given the precarious position of the Venezuelan economy, the rapid inflation and the country’s soaring adoption of bitcoin.
While undoubtedly more and finer-grained research will be needed before we can predict an unequivocally bright future for crypto investment, this latest survey will give some hope to investors in the current bearish atmosphere.