Last year around 20 per cent of Indian Ultra High Net Worth Individuals (UHNWIs) invested in cryptocurrencies. This information has been received from the report of Knight Frank. Ultra High Net Worth Individuals are called people whose net worth is around Rs 226 crore or more. The popularity of cryptocurrencies in India has grown rapidly. The largest number of investors in cryptocurrencies are in India.
Knight Frank released his report on Tuesday. It said that 18 percent of ultra high net worth individuals in the world now hold cryptocurrency. 11% of UHNWIs have invested in non-fungible tokens (NFTs).
It has been said in this report that as far as India is concerned, 18 percent of the super rich people have invested in crypto assets. A survey was conducted in 2018 for the Wealth Report to explore the potential of Blockchain and NFC. Then one-third of those surveyed said they doubted their clients would have heard of crypto and blockchain.
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In 2018, only 14 percent of those surveyed said that blockchain would have a major impact on the way wealth management works. The report said, “2021 is the year when investment in crypto became mainstream. The growth of this sector has been staggering. The global value of cryptoassets stood at $2.4 million at the end of 2021. This is 12 percent compared to the beginning of 2020. fold.”
The report states that there are currently more than 8,000 cryptocurrencies in circulation for investors to choose from. Also there are many NFTs. A third of those surveyed said security concerns were the reason for their reluctance to invest in crypto. About 60 per cent of the respondents said that UHNWIs still do not understand the market properly.
Many people surveyed believed that volatility in crypto was a big concern. However, many attribute this volatility to the main attraction of crypto. Cryptocurrencies have given great returns to investors over the years.
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