According to A a report By Aspen Digital Cryptoassets are becoming increasingly popular among Asian private wealth managers, with 76% of them saying they invest in cryptocurrencies.
The potential upside leads to greater interest in cryptocurrencies
The report, titled “Asian Private Wealth in Digital Assets,” highlights the growing adoption of digital assets among Asian private wealth managers.
The report surveyed nearly 100 family offices (FOs), high-net-worth individuals (HNIs) and asset managers across Asian countries such as Japan, Singapore and Hong Kong in the second half of 2024.
The percentage of survey respondents investing in cryptocurrencies rose to 76% in 2024, up from 58% in 2022, according to a previous study. In addition, 18% of participants plan to invest in crypto assets soon.
A staggering 94% of financial organizations and high net worth individuals are either currently investing or planning to invest in digital assets. Commenting on the change in attitude towards cryptocurrencies, Elliott Andrews, CEO of Aspen Digital, said:
For the private wealth sector, the conversation has changed largely from whether an asset class is investable, to how much money should be allocated from a portfolio. Despite only being launched this year, ETFs are the fastest growing of all. It has only been adopted by a small percentage of institutional investors but has added a great deal of legitimacy to the asset class.
the consent Bitcoin (BTC) exchange-traded funds (ETFs) were granted strong regulatory support by the US Securities and Exchange Commission (SEC) earlier this year, making investors more comfortable adding cryptocurrency exposure to their portfolios.
Bitcoin ETFs have become the fastest-growing ETFs ever, with BlackRock’s IBIT amassing $10 billion in assets under management (AUM) in just 49 days. The previous record was held by JPMorgan’s JPEQ, which took 647 days to reach the same milestone.
In 2024, key areas of interest for private wealth managers include decentralized finance (DeFi), artificial intelligence and decentralized physical infrastructure networks (DePIN), and real-world asset tokenization. Notably, non-fungible tokens (NFTs) and cryptocurrencies as a “store of value” are no longer among the top areas of interest for digital assets.
She hopes to have $100,000 worth of Bitcoin by the end of the year
The report also notes that 31% of respondents expect Bitcoin to rise to at least $100,000 by the end of 2024, while 10% expect prices to fall below $60,000.
While BTC’s $100,000 target may seem overly optimistic – especially considering modern digital assets See the saw Price movement due to growing geopolitical uncertainty in the Middle East – many cryptocurrency analysts and indicators point out that it is not optimistic enough.
For example, cryptocurrency analyst Ali Martinez recently He pointed out to Bitcoin’s “cup and handle” formation, a classic bullish signal that could push the price between $194,000 and $352,000.
On the contrary, a recent report Presumably Bitcoin’s four-year cycles – a historically bullish indicator due to the Bitcoin halving – may no longer be reliable in predicting Bitcoin’s future price path.
Additionally, the Google search volume for Bitcoin has He landed to new lows for 2024, calling into question the likelihood of any potential Bitcoin rally in the fourth quarter of 2024. Bitcoin is trading at $67,148 at press time, down 0.4% in the past 24 hours.
Featured image from Unsplash.com, charts from Aspen Digital and TradingView.com