Millionaires across the World are looking for investment opportunities in cryptocurrency as bitcoin makes all-time high towards $18, 000 to 1BTC Thursday, November 19, 2020, the highest in the last three years.
The most valuable digital asset to own right has gained more than 14% value in the last seven days.
A new survey suggested that more than 700 high net worth individuals (HNWs) found that almost three-quarters of millionaire respondents either already own or are looking to invest in cryptocurrencies before the end of 2022.
Millionaires want more monies in crypto
Before 2025, 1BTC is predicted to worth $341,000 USD, according to Crypto Research Report which submitted in a forecast that by 2030, the world will be talking about $397,727 to one bitcoin.
Millionaires, even those that have expressed pessimism about the future of bitcoin and generally cryptocurrencies, might not want crypto investment opportunities to elude them, a survey conducted by financial advisory organization deVere Group has revealed.
The company says 73% of participants who had more £1 million (approximately $1.32 million USD) participated.
They were mostly selected from the United States, the United Kingdom, Africa, Asia, Middle East, Australia, Latin America among others
DeVere Group CEO and founder Nigel Green, said the performance of bitcoin and other cryptos is drawing the attention of wealthy investors “who increasingly understand that digital currencies are the future of money and they don’t want to be left in the past.”
Bitcoin is one of the best-performing asset in 2020 with a year-to-date increase of 125% since its last all-time high of 2017.
Green noted that some of those eyeing bitcoin included biggest Wall Street banks, and attributed their warming sentiment to the adoption by large firms like PayPal and Square.
Recently, an online payment platform makes it possible for its customers to buy crypto with PayPal, ethereum on its platform, sending a strong adoption signal to other companies around the World.
Green noted in the survey that:
“No doubt that many of these HNWs who were polled have seen that a major driver of the price surge is the growing interest being expressed by institutional investors who are capitalising on the high returns that the digital asset class is currently offering.”
Is bitcoin no longer fraud?
In 2017, one of the biggest opponents of bitcoin JPMorgan Chase’s Chairman and CEO Jamie Dimon described bitcoin as a fraud but the company later embraced digital assets.
Now, Dimon said he’s a “believer” in blockchain technology and “properly backed, properly regulated” cryptocurrencies.
Another sceptic, Ray Dalio recently questioned his own doubt about bitcoin in a tweet that he might be missing something about bitcoin.
The billionaire hedge fund manager tweeted: “I might be missing something about Bitcoin so I’d love to be corrected”.
They are that 1) Bitcoin is not very good as a medium of exchange because you can buy much with it (I presume that’s because it’s too volatile for most merchants to use, but correct me if I’m wrong)… (2/5)
— Ray Dalio (@RayDalio) November 17, 2020
Dalio doubts may be understandable considering the enormous power government may likely wield on it, asking: “What of if “governments outlaw it and make it too dangerous to use?” saying it may be impossible for central banks, multinational companies, and big institutional investors using it.
At the time of this report, bitcoin’s total market cap hit a new all-time high of $332 billion as the price makes an upward movement to $18, 000, specifically 1BTC was $17, 906.51 at the time of publication.