Ultra Rich Increase Crypto Currency Investments
One in five of the ultra rich have increased their crypto currency holdings according to Knight Frank’s 2018 edition of its Wealth Report.
The survey sample consisted of 500 private bankers and wealth advisers who represent about 50,000 people with a combined wealth of more than $3 trillion.
This isn’t really a big shock when cryptocurrency investment rose from $17.7 billion on January 1st to a high of roughly $615.6 billion on December 30th.
However the ultra rich aren’t very Crypto knowledgeable investors. According to Knight Franks head of research Nichola Holt who said ‘In a separate question, we asked about their understanding of blockchain and there’s still a huge amount of misunderstanding about blockchain. So, although people are getting on the train about investing in cryptocurrencies, perhaps there’s not a full understanding of what this could mean to their wealth portfolio.’