Nov 19, 2020

Cryptocurrencies gain favour with millionaire investors

Bitcoin
deVere Group
Cryptocurrency
Elon Musk
William Girling
3 min
Following Bitcoin’s rapid ascension to trading peaks of $18,492 this week, consultancy deVere Group has surveyed its appeal among high net worth investors
Following Bitcoin’s rapid ascension to trading peaks of $18,492 this week, consultancy deVere Group has surveyed its appeal among high net worth inves...

Following Bitcoin’s rapid ascension to trading peaks of $18,492 this week, consultancy deVere Group has surveyed its appeal among high net worth investors.

In total, 700 individuals from all six habited continents participated in the study, with ‘high net worth’ (HNW) quantified as possessing more than £1m (US$1.3m) in liquid assets.

The results indicate that, by the year 2022, a strong majority (73%) intend to or already have invested in some form of cryptocurrency. Some specific crypto assets listed by surveyed millionaires include Ethereum, XRP and the aforementioned Bitcoin.

The latter’s latest surge brings the total market cap to approximately $315bn, smaller than its $335bn highwater mark in December 2017 but still significant. 

The future of money?

For deVere Group CEO Nigel Green the result paints a clear picture, “[Bitcoin’s] impressive performance 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.

“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

“They – including some of the biggest Wall Street banks amongst others - are now aware that the world’s biggest and most influential decentralised currency isn’t going anywhere,” he said.

Boom or bust?

Despite crypto’s resurgence there still remain several critical voices who veto its investment. Elon Musk cryptically tweeted that Bitcoin was “ghost money” in response to Game of Thrones star Maisie Williams’ Twitter poll asking whether she should explore it.

In October 2020, the UK FCA banned the sale of cryptocurrencies to retail customers on the basis that its valuation is unreliable, it is poorly understood by customers and there is a general lack of ‘need’ to invest in such products. 

The volatility of such assets is well known; in fact, Bitcoin recently experienced a ‘flash crash’, falling from $18,300 to $17,050, before rallying and regaining value. This, in combination with its meteoric rise and Crash in late 2017/early 2018, means that the market has some justification in concluding that the current situation simply represents another ‘bubble’.

However, Green points out that the appeal of cryptocurrencies goes beyond their mere market value and extends to their democratising and financially inclusive properties:

“Other inherent characteristics of cryptocurrencies are piquing interest too. These include that they’re borderless, making them perfectly suited to an ever globalised world of commerce, trade, and people; that they are digital, making them perfectly suited for the increasing digitalisation of our world; and that demographics are on the side of cryptocurrencies as younger people are more likely to embrace them than older generations.

“High net worth individuals are not prepared to miss out on the future of money and are rebalancing their portfolios towards these digital assets,” he concluded.

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Jun 11, 2021

The Ultimate FinTech & InsurTech LIVE Event

Fintech
Insurtech
live
event
3 min
Fintech and Insurtech magazines bring you the virtual conference that can’t be missed, streaming live from London

From October 12th-14th, 2021, BizClik’s FinTech & InsurTech live event will bring together influential executives from around the world. Live from London, this three-day event will be an excellent way to finish the year strong, gaining the confidence your company needs to move forward into the future. 

With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech live will expand your network, deliver insight, and enhance your organisation’s reach. Events include a forum on financial services, discussions centred on racial equality and women in fintech, and APAC, EMEA, and US-focused sessions that capture insights from around the world.  

The event will include:

 

  • Keynote addresses from respected industry leaders
  • Dynamic live roundtables (inc. Q&A)
  • Fireside discussions
  • Inspirational Speakers & Presentations
  • Extensive networking opportunities

 

Scope Out the Agenda 

This week, we’ll share our weekend schedule of events, filled with essential industry topics and keynotes replete with knowledge and insight. Here’s a rundown of the three-day schedule

Tuesday

October 12th 

Kicking off at 10 AM with a welcome message from our CEO Glen White, the first day of FinTech and InsurTech Live won’t pull any punches. We discuss racial equality, inventive financial services, and cloud migration—and that’s just the morning lineup. 

Later on, we’ll cover supplier diversity, AI digital transformation, and fintech sustainability, in addition to cloud and digital transformation in global insurance. Don’t worry—we have a networking lunch in-between events! Finally, we’ll close out the day with online banking, women in fintech, and a recap of Day 1. 

Wednesday

October 13th

First we’ll hear from Scott Birch, our expert BizClik Media Editorial Director and facilitator, live from the Fintech Leaders Stage. We then jump into the future of digital payments, unicorns, and digital insurance brokers. Interested in learning more about digital underwriting and digital payment solutions? You’ve come to the right place. 

In the afternoon, we’ll touch on CX in insurance, host a forum on financial services, and discuss what the world might look like as a cashless society, plus the future of challenger and neo banks. Wrapping up, we’ll talk tech and AI in insurance, PayTech, and hear from a surprise inspirational speaker. But we’re not done yet. 

Thursday

October 14th

As is only fitting, BizClik’s CEO, Glen White, will introduce our APAC sessions, highlighting the critical role that Asia will play in the future of fintech and insurance. Following his remarks, we’ll open up the floor for a chat about digital banking, discuss technology in APAC, and hear from Dipu KV in an iconic keynote address. 

After a series of thought leaders and networking sessions, we’ll head into an EMEA-focused session, which includes an EMEA technology panel, a CDO keynote, and a Europe enterprise presentation. In fact, this day’s events span the globe. Next up is a USA regional keynote, followed by a US CIO presentation and talks about enterprise. 

A final end-of-event farewell will close out the weekend, wrapping up a successful FinTech and InsurTech global event. Can’t miss it. We look forward to seeing you there!

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