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Cryptocurrencies have emerged as a pivotal conversation in the 21st century, and it comes as no surprise given their transformative potential and widespread implications.
For many, they seem like a beacon of hope, offering a sanctuary for investments when traditional financial assets stumble.
It’s only logical that the ultra-wealthy have eagerly embraced the crypto wave they have the most at stake.
Merrill Lynch and Wells Fargo, two of the largest American banks, are now beginning to offer Bitcoin ETFs to their rich clients.
But here’s the twist millionaires’ expertise in crypto may not be as extensive as you’d think.
It’s rather intriguing to arrive at this conclusion. There’s a common assumption that crypto whales wouldn’t act without a comprehensive grasp of the market dynamics, given the substantial stakes involved.
After all, they’re vested with considerable wealth and wouldn’t risk losing it in the blink of an eye. However, at our core, we’re all humans, driven by a mix of fear and greed.
No matter how much wealth we possess or how experienced we become, we’re still susceptible to making critical and sometimes irreversible mistakes.
And cryptocurrency investments, due to their straightforward yet high-risk nature, have emerged as one of the simplest paths to losing money without any opportunity for recovery.
It’s not merely a conjecture but a verifiable fact supported by numerous surveys conducted by reputable analytical firms.
Ultra-wealthy crypto investors indeed lack essential knowledge about crucial security protocols necessary to safeguard their assets and the measures authorities employ to prevent money laundering.
They also contribute significantly to the millions of dollars locked in unclaimed crypto assets, which can never be accessed.
Millionaires aren’t worried but they should be
Let’s begin by noting that there are currently over 88,000 crypto millionaires worldwide, along with more than 180 centi-millionaires and approximately 22 billionaires, as reported by Henley & Partners in June 2023.
As expected, the majority of wealth is concentrated in Bitcoin, with over 40,000 millionaires, nearly half of centi-millionaires and more than a quarter of billionaires primarily holding their capital in BTC.
Now, let’s just merge these figures with insights from another report, conducted by Owner.One.
It highlights that just a mere seven percent of…
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