As the clickbaity title suggests, one of the largest financial consulting firms DeVere Group recently published that according to a global survey 35% of high net worth individuals are interested in investing in Cryptocurrencies.
This survey was taken by 600 clients of DeVere group from across the globe from countries like USA, Hong Kong, Australia, UAE, Germany, etc.
DeVere has their own app where investors can buy and sell Cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Dash (DASH), Monero (XMR) and Stellar Lumens (XLM). They recently added Bitcoin Cash (BCH) and EOSIO (EOS) to their exchange.
Nigel Green, Founder, and CEO of DeVere Group said:
This mainstream expansion is clearly evidenced by the fact that more than a third [35 per cent] 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.
The survey’s findings demonstrate that high net worth individuals are increasingly unable to ignore the huge potential of cryptocurrencies.
Green also said that the one thing that investors cannot do is ignore Cryptocurrencies and this sector has huge potential and will grow exponentially in the next few years.
He Concludes by saying:
I believe that there is no longer any doubt that cryptocurrencies in some form are the future of money. And, seemingly, this is a view increasingly shared by wealthy investors the world over.
So Is it the right time to buy Bitcoin?
It Is According to Dan Morehead, Founder of Pantera Capital (which is one of the largest Hedge Funds in the world).
Bitcoin which reached a high of around $20000 has declined over 60% with a current price of $7637. Dan believes that this a bargain and definitely a good time to buy. He is bullish on Cryptocurrencies and says new high are yet to be reached.
It’s much cheaper to buy now and participate in the rally as it goes,
Dan said on Thursday in CNBC Fast Money. Cryptocurrencies are a largely unregulated industry and hence by taking a position before the regulations is advantageous.
He also said:
Many institutions are essentially buying the rumor [of potential SEC regulations] and selling the fact,
Getting invested now so that in three, four, five months when the institutional, quality-regulated custodians that we’re hearing about come online, they’ll already have their positions.
Bitcoin has consistently given investors returns since its inception over the long term. Compared to last June it has appreciated by 198% which is more than most Fortune 500 companies.
Bitcoin has not traded above $7800 since May 23rd and would be a major to get through hurdle and The next key support would be $7000 according to Fundstrat Technician Robert Sluymer.
Image Source: Flickr
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