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Author Topic: [2018-06-22] Only a Third of the Richest Informed on Bitcoin  (Read 100 times)
BitcoinArsenal
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June 22, 2018, 02:31:01 PM
 #1

Despite seeing their investment return above 20% in 2017 for two consecutive years, the richest people in the world say they are not fully satisfied with their asset managers and want to learn more about crypto.
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June 22, 2018, 03:44:11 PM
 #2

It seems to me that many rich people are afraid of the unpredictability of cryptocurrencies. This market can only attract speculative capital. Perhaps last year we saw a massive entrance of speculators. In December, they began to leave bitcoin and now we have returned to the real price of bitcoin which does not meet our expectations.
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June 22, 2018, 05:53:07 PM
 #3

It seems to me that many rich people are afraid of the unpredictability of cryptocurrencies. This market can only attract speculative capital. Perhaps last year we saw a massive entrance of speculators. In December, they began to leave bitcoin and now we have returned to the real price of bitcoin which does not meet our expectations.

They have no saying if they aren't informed at all. The problem of BTC and other cryptos is that people don't know about their existence and those who know lack fundamental knowledge. They start hearing about decentralization and anonymity and their brains turn off.
I'd like every single person in the world to hear about it and get to hear smart explanations, like the ones by Andreas Antonopoulos, and then make up their minds if they like it or not. It's understandable if someone is scared, but they should at least understand what it is before they start being scared.
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June 22, 2018, 09:10:26 PM
 #4

It seems to me that many rich people are afraid of the unpredictability of cryptocurrencies. This market can only attract speculative capital. Perhaps last year we saw a massive entrance of speculators. In December, they began to leave bitcoin and now we have returned to the real price of bitcoin which does not meet our expectations.

The market is heavily driven by speculation and hype about future adoption. That's why we have these bubble cycles. It's a nascent market and early adopters are exposed to relatively high risk.

Clearly though, it's becoming increasingly established -- major institutional involvement and CME/Cboe futures markets reflect that. They know which way the wind is blowing. Even JPMorgan realizes now that BTC might stand alongside gold as a hedge asset.

It'll definitely become mainstream to own some BTC in any diversified portfolio. It's just a matter of time.

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June 23, 2018, 01:19:15 AM
 #5

I reckon that is good because if all of them know about bitcoin they would be buying most of it and we again would be left out with nothing hehe.

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June 23, 2018, 03:07:14 AM
 #6

It seems to me that many rich people are afraid of the unpredictability of cryptocurrencies. This market can only attract speculative capital. Perhaps last year we saw a massive entrance of speculators. In December, they began to leave bitcoin and now we have returned to the real price of bitcoin which does not meet our expectations.

Even if they are afraid of its unpredictability, they can still do something so that they can profit from it. It may be hard for them to manipulate a high volume market but when it comes to altcoins that has low market capitalization, they can still pump and dump it. They can manipulate the news and make people believe that the coin is undervalued so that more people believe it and then later on dump it to the retail traders.

Bitcoin has been hype last December and we are back to the price it is suppose to be when it would have grown organically since people are buying now when it reach $6k which would mean they think that bitcoin is undervalued in that amount. As for the richest that a third of them has been well- informed, I think they are just used to traditional markets and are not joining the bandwagon for bitcoin because of its legal implications that is still scrutinized.

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June 23, 2018, 10:01:00 AM
 #7

Still sounds like a lot of rich people informed about Bitcoin, if less than 1% of the world knows about it, then we're talking about 33% of the rich that do, so once more the wealthy are the most informed, or they have the most means to find out about it. They're also saying in the article that their fund managers don't inform them or aren't educated enough to advise the risk or knowledge of cryptos. But what happens once they do? Again the 1% of the rich will become even richer.

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June 23, 2018, 04:11:25 PM
 #8

The rich are, well, already rich so they're going to be less inclined to be making wild crypto bets. They'll already have an established source of wealth.

I can see them allocating a small proportion to have a play, but there's little reason to fully go for it when you have wealth to nurture rather than build.

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June 23, 2018, 08:56:25 PM
 #9

The rich are, well, already rich so they're going to be less inclined to be making wild crypto bets. They'll already have an established source of wealth.

I can see them allocating a small proportion to have a play, but there's little reason to fully go for it when you have wealth to nurture rather than build.

You're right. Rich people can put a few million into real estate and have a steady 5% a year without taking a risk. Or they can open a credit line for businesses and at least have collateral. I also have to agree with OP that most of them don't know anything about cryptocurrencies, or don't know enough to be willing to invest.

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June 23, 2018, 10:22:43 PM
 #10

It seems to me that many rich people are afraid of the unpredictability of cryptocurrencies. This market can only attract speculative capital. Perhaps last year we saw a massive entrance of speculators. In December, they began to leave bitcoin and now we have returned to the real price of bitcoin which does not meet our expectations.

The market is heavily driven by speculation and hype about future adoption. That's why we have these bubble cycles. It's a nascent market and early adopters are exposed to relatively high risk.

Clearly though, it's becoming increasingly established -- major institutional involvement and CME/Cboe futures markets reflect that. They know which way the wind is blowing. Even JPMorgan realizes now that BTC might stand alongside gold as a hedge asset.

It'll definitely become mainstream to own some BTC in any diversified portfolio. It's just a matter of time.

CME and CBOE futures were the effect of FOMO, from the exchanges. The volumes there are too low compared to other mainstream commodities. I think it will be a long time before it will be unusual if you don't have some crypto in your portfolio. Even if the rich know about it, I think they would perceive it as some sort of speculative investment.


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June 23, 2018, 11:33:05 PM
 #11

Even if the rich know about it, I think they would perceive it as some sort of speculative investment.
Makes sense. If we look at how the elite mostly is setting up their portfolio, they usually only allocate 1 to max 2% of it to speculative assets. They aren't keen on too much speculative exposure, which is understandable.

Not everyone is as biased towards Bitcoin and crypto in general as we are. I can happily put the major part of my wealth in Bitcoin if I think it has reached a price low enough, which others would call me crazy for.

As always the first get the most out of everything that's emerging, where later on if the potential is still there conservative gains is all that you can expect. Not good enough for speculators here, enough for the elite. Smiley

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June 24, 2018, 12:26:21 PM
 #12

Still sounds like a lot of rich people informed about Bitcoin, if less than 1% of the world knows about it, then we're talking about 33% of the rich

33% sounds way too high for me. When I think about all the people I know, less than 5 are in crypto (as far as I know). I would estimate that a low single digit percentage of the general population (closer to 1% than to 10%) is engaging with / informed about crypto. Yeah, the rich have better access to information/ advisors working for them, but I would still be surprised if more than 10% are in crypto.

This picture here would also look different at 33%.
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