Rising crypto awareness among UK consumers will attract more wealth managers
- two thirds of British consumers (66%) say they are familiar with cryptocurrencies.
- The growing awareness of UK crypto consumers will attract more wealth managers.
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The news: Two-thirds of UK consumers (66%) say they know cryptocurrencies, and 29% of those who know have invested in them, showing that cryptos are now part of the mainstream of financial services , according to Coinbase. 2021 survey.
What about the property? Other trends in the survey data point to continued growth in crypto ownership in the UK, given the high proportion of new investors and high investor engagement.
51% of UK consumers who own cryptos bought them as of 2019, suggesting that this asset class has only recently entered the mainstream of investing.
And 55% of investors who already own crypto plan to increase their holdings over the next year, indicating an active investment environment.
Overview: We expect more incumbent investment managers, such as wealth managers, to respond to growing investor interest in crypto by providing exposure to their clients in 2022.
Crypto exchanges, like Coinbase, and digital trading platforms, like Robinhood, have so far been the main beneficiaries of the increase in crypto trading activity.
Yet the interest in investing in this nascent asset class is multi-demographic: 72% of global high net worth individuals (HNWIs) have bought cryptos, according to a 2021 Capgemini survey.
We expect wealth managers to follow the lead of big players like JPMorgan and Morgan Stanley and provide crypto exposure to their high net worth clients.
Crypto exchanges also have the opportunity to earn business in this lucrative segment by tailoring their offerings to HNWIs and adding the tactile experience these customers are used to. For example, the premium offering of the Singapore stock exchange Coinhako gives clients access to a dedicated relationship manager.
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