A recent survey by Grayscale Investments and The Harris Poll unveils a growing trend among high-net-worth Americans: an increasing appetite for cryptocurrency investments. The study, part of Grayscale’s “2024 Election: The Role of Crypto” series, sheds light on the evolving attitudes of affluent investors towards digital assets.
The survey found that 26% of Americans with investable assets of $1 million or more currently own cryptocurrency, surpassing the 20% average among all Americans. This trend is expected to grow, with 38% of high-net-worth individuals anticipating crypto inclusion in their future investment portfolios.
Age plays a significant role in this trend. More than half (53%) of wealthy Americans under 50 expect to include crypto in their portfolios, compared to 22% of those over 50. Interest in learning about Bitcoin as an investment option is also higher among younger affluent investors, with 35% under 50 expressing curiosity compared to 17% of those over 50.
The approval of spot crypto exchange-traded products (ETPs) in early 2024 has seemingly bolstered investor confidence. About 34% of high-net-worth individuals reported increased interest in learning about or investing in Bitcoin following this development.
John Hoffman, Head of Distribution and Partnerships at Grayscale Investments, commented on the findings: “With market dynamics shifting following the approval of spot crypto ETFs, affluent investors are increasingly viewing digital assets as an essential part of their portfolios, further cementing crypto’s place in the future of finance.”
The survey also revealed that wealthy investors are more likely to seek professional advice on crypto investments. When asked why they purchased crypto, 42% of high-net-worth crypto owners cited financial advisor recommendations, compared to only 27% of the general population.
Interestingly, cryptocurrency has become a more common topic of discussion among affluent investors. The study found that 40% of high-net-worth Americans have discussed crypto with friends, family, or financial advisors, compared to 30% of the general population.
However, regulatory concerns remain a factor for many potential investors. Among high-net-worth Americans, 43% of those over 50 and 48% under 50 are waiting for additional policies or regulations before investing in crypto.
The research was conducted in three waves from late 2023 through September 2024, surveying a total of 5,368 adults planning to vote in the 2024 presidential election, including 412 with investable assets of $1 million or more.
Grayscale Investments, founded in 2013, has established itself as a leading crypto asset management firm. The company offers a range of investment products focused on providing exposure to the digital economy.
As cryptocurrency continues to gain traction among wealthy investors, it remains to be seen how this trend will impact the broader financial landscape and future investment strategies.
