A survey conducted by global independent financial consulting firm deVere Group has recently revealed that 35 percent of high net worth individuals have already invested in cryptocurrencies, or are planning to do so.
The survey saw deVere group poll over 600 of its clients from across the globe, including some from the US, UK, Qatar, UAE, Australia, and Germany. According to a report published by International Investment, the financial consulting firm’s CEO Nigel Green wrote:
“This mainstream expansion is clearly evidenced by the fact that more than a third [35%] of wealthy individuals around the world—who are already likely to be successful investors—are telling us that they already have exposure to crypto or that they will have by the end of this year.”
Given the demand institutional investors are currently showing for cryptocurrencies, deVere revealed it added Bitcoin Cash and EOS – which recently pumped after EOSIO 1.0 was launched – to its cryptocurrency app deVere Crypto. The app, according to reports, was launched in January and allows users to store, transfer and exchange various cryptocurrencies.
While revealing the survey’s findings, Green expressed optimism for cryptocurrencies and blockchain technology, as according to him “nothing has captured the imagination in this new fintech age quite like cryptocurrencies, specifically Bitcoin.” Per his words, “history will teach us that 2017 was the year that digital currencies came into the mainstream.”
Green’s company has been working with cryptocurrencies well before launching its app, and seemingly confirmed reports that suggest institutional investors are looking to enter the cryptocurrency market. He said:
“The survey’s findings demonstrate that high net worth individuals are increasingly unable to ignore the huge potential of cryptocurrencies.”
As covered by CryptoGlobe, various businesses have been setting up the stage for institutional investors. Coinbase, one of the biggest companies in the industry, launched several institutional grade products and services while the LMAX Exchange, which has traded over $10 trillion in fiat, revealed it was going to launch a regulated cryptocurrency trading platform for institutional investors.
In an interview last month, Green also predicted Ethereum was going to give investors great returns in the next few months, as he sees it hit $2,500 by the end of the year. He further claimed it will increase by 2019 and 2020.
At press time, Ethereum is trading at $590 and is up by 3 percent in the last 24-hour period, according to CryptoCompare. The cryptocurrency is down from an all-time high of over $1,300, but has been recovering after falling to a low of little over $350.