A poll conducted by Capgemini found that the majority of millionaires are very or somewhat interested in holding cryptocurrencies as an investment and as a store of value. While most wealth management firms have been ambivalent regarding providing virtual currency investment information to clients, over two-thirds of high-net-worth individuals aged 40 and below would find it valuable.

Capgemini, a leader in consulting, technology and outsourcing services based in France, released The World Wealth Report 2018 (WWR) on Tuesday. The document states that high-net-worth individuals’ wealth – defined as those having investable assets of US$1 million or more, excluding primary residence, collectibles, consumables and consumer durables – has surpassed the US$70 trillion threshold for the first time ever in 2017.

The survey, which was based on responses from more than 2,600 HNWIs across 19 major wealth markets in North America, Latin America, Europe and Asia-Pacific, found that millionaires have grown their interest in cryptocurrencies but remain cautious regarding the asset that peaked in market capitalization in early January 2018.

The poll found that 29 percent of participants have a high degree of interest, while 26.9 percent said they are somewhat interested in cryptocurrencies for its potential for investment returns and as a store of value. There is a negative correlation between their age and their interest in virtual currencies, with 71.1 percent of HNWIs aged 40 and below placing high importance on receiving information from their wealth managers. Only 13 percent of millionaires aged 60 and above have that kind of interest.

Most wealth management firms, however, have yet to onboard the cryptocurrency investment train as only 34.6 percent of the high-net-worth individuals surveyed have received information on the topic from their wealth managers. The report point to regulatory uncertainty and firm caution as the main causes of cryptocurrencies’ lack of penetration within the wealth management industry. Younger millionaires and their growing cryptocurrency enthusiasm, however, may force wealth managers to at least develop and offer analysis on the topic in the coming months.

The buy-side business seems to be failing to connect “very well” to its clients on Capgemini standards. The French consulting group draws the line at 70 percent, but approximately 56 percent of millionaires feel connected to their wealth managers that much.

Many wealth management firms have been progressively entering the cryptocurrency game and financial institution ratings agency Weiss Ratings has become the first to publish cryptocurrency ratings, with grades ranging from A to F. The highest rated digital assets include Ethereum and EOS with a B, while Bitcoin obtained a C+.

The post Most Millionaires Are Interested In Cryptocurrencies, Survey Finds appeared first on NewsBTC.

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