Categories: CryptoNews

Millionaires Don’t Receive Sufficient Crypto Investment Advice from Wealth Managers: Study

It is evident the cryptocurrency industry continues to attract people from all walks of life. Those with little money hope to strike it rich, whereas the wealthy hope to make more of what they already have. One thing both groups have in common is a desire for better cryptocurrency advice. Those are the findings of a recent Capgemini study.

Cryptocurrency Advice Is a Hot Commodity

On paper, there is no right or wrong advice when it comes to investing in Bitcoin or other cryptocurrencies. It all depends on what expectations each individual investor has, and how much they can stomach prior to cutting losses or cashing out. Cryptocurrency is a notoriously volatile industry, but that potentially bothersome aspect can work in one’s favor as well.

While there is no shortage of self-proclaimed cryptocurrency investment advisors out there, it is evident that the current collection will not cut it. A recent study by Capgemini shows that interest in Bitcoin and altcoins is still rising. That is a good thing, but it also poses a new problem for those looking to put substantial amounts of money into various cryptocurrency markets.

Having the money to invest in cryptocurrency is one thing, but not knowing what to buy and when to do so poses a big problem. At current prices, everything seems to be a solid buy when looking at this investment from a long-term perspective. It is expected that cryptocurrencies will continue to rise in value for some time to come, although not every year will be as spectacular as late 2017.

Additionally, one has to keep in mind that a fair few projects in the current cryptocurrency top 250 will not exist one or two years from today. There has been an enormous influx of ICO projects which are still in the ‘hype’ stage. Unfortunately, close to 90% of them will fail, which makes the demand for solid cryptocurrency investment advice even greater. This is especially true where rich people are concerned, as they don’t want to buy into a project with no future.

Moreover, wealthy investors aren’t too happy with their wealth managers. With just over half of millionaires feeling a “solid connection”, it is evident something will need to change. This is only natural, as most wealth managers continue to ignore cryptocurrency markets to this very day. In fact, only one in three provides any official advice on the subject.

Changing that situation will not be easy. Until regulatory guidance is provided worldwide, wealth managers will most likely dissuade millionaires from investing money in Bitcoin, Ethereum, and other cryptos. If that happens, the influx of institutional money may be a lot further away than people assumed at first. It’s a very interesting situation to keep an eye on moving forward.

Image(s): Shutterstock.com

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JP Buntinx @jdebunt

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers.

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