Despite Bear Market, 82% of Millionaires Sought Crypto Advice in 2022 (Survey)

A study conducted by the financial consultancy firm – deVere Group – estimated that 82% of clients with over $1.2 million worth of investable assets sought advice on cryptocurrencies in the past 12 months. 

The significant interest came in spite of the broad market slump and the countless scandals and bankruptcies that happened in 2022.

Crypto Seems Highly Popular Among the Rich

According to the study, approximately eight out of ten high net worth (HNW) customers of deVere Group have asked their financial advisers whether it is a good idea to diversify their portfolios with cryptocurrencies over the last year. 

The enthusiasm contrasts with the market decline in 2022, which saw most digital assets nosediving by significant figures, while the numerous collapses of exchanges and industry players caused reputational damage to the sector.

deVere Group’s CEO and Founder – Nigel Green – argued that the price drops resulted from the investors’ decisions to reduce their exposure to risk-on assets due to concerns about surging inflation and possible recession.

“Yet against this backdrop of the so-called crypto winter, HNWs were consistently seeking advice from their financial advisers about including digital currencies into their portfolios,” he stated.

Green said those clients have understood that cryptocurrencies, such as bitcoin, are “the future of money,” and they “don’t want to be left in the past.” 

He added that BTC’s positive performance during the first month of the year is based on hopes that inflation has peaked and the macroeconomic conditions have become more favorable. Those who invested in crypto during the 2022 bear market will be among the first to “capitalize in the forthcoming bull run,” the CEO concluded.

Not Only Wealthy People Fancy Bitcoin

The primary cryptocurrency should not be connected only with millionaires as it has turned into an attractive asset for many nations that pass through an economic crisis. 

One example is Turkey, where interest in crypto surged in recent years, prompted by the collapsing Turkish lira and the worrying inflation rate. 

Argentina is next on the list. The political chaos and the financial turmoil in the South American nation pushed some locals to jump on the cryptocurrency bandwagon. The most popular assets for them appear to be bitcoin and the world’s biggest stablecoin – USDT.

Numerous Lebanese residents also entered the world of crypto for various reasons, including hyperinflation, depreciation of the local fiat currency, and the collapse of the local banking system.