A new digital asset survey has found that wealth managers in the UK and Europe are primarily interested in bitcoin and will increase their exposure to crypto by next year.
Wealth managers in the United Kingdom are not swayed by the recent downturn in the cryptocurrency market, which has seen the majority of the top crypto-assets decrease by more than 50% from their peak last year.
Europe Wealth Managers Are Interested in Bitcoin The Most
HANetf, the first independent white-label ETF platform in Europe, revealed that most of the wealth managers it polled across the UK and Europe earlier this year are interested in cryptocurrency, despite heavy losses.
According to the report, about 75 wealth managers were surveyed, and up to 75% of them said they are looking to increase their cryptocurrency exposure, especially in Bitcoin, within the next 12 months. Surprisingly, not so many wealth managers have a favourable view of Ethereum. Besides Bitcoin, they were mostly positive on Solana, Cardano, and Polkadot.
“Investors prefer the world’s oldest cryptocurrency in times of stress,” said Tom Bailey, the head of research at HANetf.
The survey also finds that not all European wealth managers see crypto as a standalone asset. 43% of the respondents agreed that crypto correlates with gold. About 33% said cryptos are closer to tech stocks, and only 4% agreed they are standalone assets. Regarding regulations, 52% of the respondents agreed that regulatory measures on digital assets could become more stringent in the next three years. However, some also think better regulation is a welcome change for the investor.
The respondents also believe the UK will become the most crypto-friendly jurisdiction across Europe by 2027, followed by Switzerland, Germany, and Italy.
The Institutions Are Coming
The survey report shows more institutions are coming into the crypto market. Institutional interest has been increasing across the world over the past year, regardless of the current state of the market.
In the face of the bear market, Singapore’s DBS Bank said it recorded massive trading volume on its crypto exchange by its wealthy clients. The bank now plans to allow additional 300,000 clients to access crypto.
Investment banking firm Morgan Stanley has started offering wealth clients access to crypto, and Goldman Sachs has also announced plans for similar offerings. In August, the world’s largest digital asset manager BlackRock launched a private trust to enable institutions to access bitcoin spot value.
~ By Ibiam Wayas ~
Source: medium.com
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