search
  • Coins 2,314
  • Markets 14,056
  • Market Cap 258,191,662,438
  • 24h CMC 12,366,951,260.46
  • 24h Vol 29,745,782,856
  • Dominance BTC 58.72 % | ETH 10.77 % | XRP 6.48 % | 
Report%3A+68%25+of+Global+Billionaires+to+invest+in+Crypto+by+2020

Report: 68% of Global Billionaires to invest in Crypto by 2020

 

Per a recent survey by  Dubai-based financial consultancy firm deVere Group, 68% of global billionaires will either invest or plan to invest in crypto by the end of 2022. 

DeVere group boasts of more than  $10 billion in assets. Also, the firm has a client base of  more than 80,000 clients in100 countries.

DeVere founder and CEO Nigel Green further in the report highlighted five major factors which drive billionaires to be interestes in crypto. These include- Fear Of Missing Out, or FOMO. cryptocurrencies being borderless, this enables the asset to be available globally.

 Moreover, crypto suits the general global trend of increasing digitalization, also it has the potential to provide solutions for real-life issues. Some of them being international remittances and providing services for the world’s two billion person unbanked population. 

The survey includes respondents in nations like United States, the United Kingdom, Australia, Japan, Qatar, Switzerland, Mexico, Hong Kong, Spain, France, Germany and South Africa and the United Arab Emirates.

Green further stated that,  “The sky is the limit for cryptocurrencies,”

The survey has come in the wake of Bitcoin breaking the $5,800 threshold for the first time in 2019.

Last month, CoinMarketFeed reported,  per a new study by International Data Corporation (IDC), a United-States based market research firm, Global blockchain spending will count for almost $2.9 billion in 2019. 

This depicts an 88.7% increase form 2018. The report also provided an in-depth analysis of blockchain developments in various segments. 

The report also states, when it comes to building use cases, cross border settlements and trade finance are expected to receive over $738 Million. 

Whereas, distribution services and manufacturing are forecasted to spend $653 Million and $642 Million over blockchain respectively in 2019. 

Per the report, the financial sector will lead the industry when it comes to allocation of funds in blockchain development. Also, investment services, banking and insurance services are predicted to invest more than $1.1 Billion in the global blockchain spending motives. 

Considering geographic terms, US will see the largest blockchain spending of $1.1 Billion. Furthemore, Western Europe and China are predicted to invest $674 million and $319 million respectively.

IDC has a strong belief that worldwide blockchain spending will witness rapid growth between 2018 and 2022. Moreover, the growth will be with  a five-year compound annual growth rate of 76 percent. Also, The study predicts that total global spending will amount to $12.4 billion in 2022.

Image Credit: Gigabit Magazine