{"id":430472,"date":"2022-04-12T16:17:00","date_gmt":"2022-04-12T13:17:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/wealth-report-as-old-money-procrastinates-young-money-goes-crypto\/"},"modified":"2022-04-12T16:17:00","modified_gmt":"2022-04-12T13:17:00","slug":"wealth-report-as-old-money-procrastinates-young-money-goes-crypto","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/wealth-report-as-old-money-procrastinates-young-money-goes-crypto\/","title":{"rendered":"# Wealth report: As old money procrastinates, young money goes crypto"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3df9daa179c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3df9daa179c\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/wealth-report-as-old-money-procrastinates-young-money-goes-crypto\/#%E2%80%9D_Wealth_report_As_old_money_procrastinates_young_money_goes_crypto_%E2%80%9C\" >&#8221; Wealth report: As old money procrastinates, young money goes crypto &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/wealth-report-as-old-money-procrastinates-young-money-goes-crypto\/#Diverging_views\" >Diverging views<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/wealth-report-as-old-money-procrastinates-young-money-goes-crypto\/#Crypto_enthusiasts_with_big_money\" >Crypto enthusiasts with big money<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/wealth-report-as-old-money-procrastinates-young-money-goes-crypto\/#Futile_denial\" >Futile denial<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Wealth_report_As_old_money_procrastinates_young_money_goes_crypto_%E2%80%9C\"><\/span>&#8221; Wealth report: As old money procrastinates, young money goes crypto &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvOGYzN2YzYmUtMjMyYy00NGQwLWI4MDMtNGZlMmI5ZmNiZGMzLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>The rich get richer. According to the Wealth-X consulting company, in 2020, the number of ultra-high-net-worth individuals worth $5 million\u2013$30 million in the world <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/go.wealthx.com\/world-ultra-wealth-report-2021\">increased<\/a> by 1.7% to 295,450 people; the combined net worth of this group increased by 2% to $35.5 trillion.<\/p>\n<p>Observing the investment preferences of rich individuals and institutional investors is instructive. They have access to exclusive information and analytics to inform their investment decisions, and their investments are often supported by an army of advisers, employees of family offices and wealth managers.<\/p>\n<p>Due to the instability in world politics and high inflation in many parts of the globe, 2021 marked a trend for the wealthy to search for new investment growth points. Traditional assets, on which the fortunes of the establishment are usually based \u2014 real estate, securities, deposits \u2014 are currently under great pressure. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.instagram.com\/p\/CROi83rLVpK\/?igshid=YmMyMTA2M2Y=\">According<\/a> to economist Ziad Abdelnour, 70% of wealthy families in the United States lose their wealth in the second generation, and 90% lose capital in the third generation.<\/p>\n<p>In order to save their clients\u2019 money and their own business, global investment managers have been rebalancing investment portfolios throughout 2021 in an attempt to minimize the consequences of the COVID-19 epidemic and geopolitical shocks.<\/p>\n<p>In 2022, the world faces larger-scale problems related to the conflict between Russia and Ukraine in Europe and tensions in the Middle East. Inflation, rising prices for gold, wheat, oil, palladium and other commodities, and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> economic instability in many countries are forcing rich people to consider investing in cryptocurrencies.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Diverging_views\"><\/span>Diverging views<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Representatives of \u201cold money\u201d and \u201cnew money\u201d tend to have different views on crypto assets. For example, Elon Musk <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.forbes.com\/sites\/jemimamcevoy\/2021\/07\/21\/elon-musk-still-a-bitcoin-supporter-i-own-bitcoin-tesla-owns-bitcoin-spacex-owns-bitcoin\/?sh=49e1a8956302\">said<\/a> that apart from the stock in his own companies, Tesla and SpaceX, cryptocurrency is his only major personal investment. Many Millennial millionaires\u2019 main assets are digital. <\/p>\n<p>However, most millionaires of older generations continue to treat cryptocurrencies cautiously or even openly negatively. American billionaire investor and vice chairman of Berkshire Hathaway Charlie Munger <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2021\/05\/01\/charlie-munger-calls-bitcoin-disgusting-and-contrary-to-the-interests-of-civilization.html#:~:text=Markets-,Charlie%20Munger%20calls%20bitcoin%20'disgusting%20and,to%20the%20interests%20of%20civilization'&amp;text=Berkshire%20Hathaway%20Vice%20Chairman%20Charlie,to%20the%20interests%20of%20civilization.%E2%80%9D\">said<\/a> that Bitcoin is \u201cdisgusting and contrary to the interests of civilization.\u201d Lloyd Blankfein, former senior chairman at Goldman Sachs, said that Bitcoin was not useful as a means of saving capital due to its volatility.<\/p>\n<p>Nevertheless, many American asset managers have caved in to the pressure of the crypto industry. JPMorgan, Goldman Sachs and other large investment companies are already doing extensive research on crypto \u2014 mainly Bitcoin (BTC) and Ether (ETH) \u2014 and even predict changes in the value of cryptocurrencies.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Crypto_enthusiasts_with_big_money\"><\/span>Crypto enthusiasts with big money<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The philosophy of decentralization that lies at the core of the cryptocurrency movement is consonant with many Millennial entrepreneurs\u2019 worldviews. According to Wealth-X, in contrast to popular conceptions of wealth, most ultra-rich individuals across the globe (84%) are self-made, meaning that they have attained their success through education and hard work. Almost 90% of those with a general interest in crypto have created all their own wealth, with just 0.5% relying solely on inheritance.<\/p>\n<p>Self-made wealthy individuals accustomed to taking risks are more open to the volatile nature of cryptocurrencies than most second- or third-generation wealthy \u201caristocrats.\u201d The average age of the global wealthy population is just over 60, and the average age of wealthy individuals with a general interest in crypto is 53.7.<\/p>\n<p>Speaking to Cointelegraph, Tim Frost, founder and CEO of digital wealth platform Yield <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">App<\/a>, said that, according to the company\u2019s regular surveys of its client base, \u201cThe largest majority of users sit within the 25\u201345 age bracket, but Yield App has thousands of users aged 50 and above all over the world.\u201d<\/p>\n<p>A pronounced feature of crypto-focused millionaires is, according to Wealth-, their interest in <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> and philanthropy.<\/p>\n<p>It is the founders and executives of the technology sector, such as Musk and Tim Cook, who are global entrepreneurs of cryptocurrencies. They draw the attention of thousands of people around the world to this sector, thereby making it more liquid and attractive to investors, including the ultra-wealthy.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Futile_denial\"><\/span>Futile denial<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The resistance of representatives of old money and old methods of money management to crypto is gradually weakening. The crypto industry is dealing more and more blows to the once-thriving financial machine founded on stocks, bonds and real estate. Today, the futility of ignoring cryptocurrencies is becoming more and more obvious. The statements of Munger and Blankfein, even among like-minded peers, are becoming increasingly perceived as mere grumbling.<\/p>\n<p>Swiss banks have an excellent reputation for being safe and anonymous. For centuries, the richest representatives of the global establishment used to choose the Swiss banking system as a place to store and manage their capital. The reliability of Swiss banks is often compared to the reliability of Swiss watches.<\/p>\n<p>Carole Morgenthaler, a representative of Swiss private bank Lombard Odier, commented that the bank\u2019s investment convictions are based on long-term growth and stability to ensure that the clients\u2019 assets can grow and be passed down to future generations. She added, \u201cInvesting in cryptocurrencies does not currently have the required quality and guarantees.\u201d<\/p>\n<p>Despite such a cautious view of crypto assets, the bank is engaged with tech companies in the field of blockchain, specifically Taurus and Wecan Comply, and is \u201cclosely looking at the technology.\u201d<\/p>\n<p>The conservative world of Swiss banking might not be in a rush to embrace cryptocurrencies, but it is certainly watching the industry and striving to understand it.<\/p>\n<p>Cryptocurrencies are not a magic investment pill suitable for all categories of investors. Yet in the near future, it will be possible to observe a certain convergence in the positions of crypto enthusiasts and crypto skeptics.<\/p>\n<p>It will take quite a long time for the crypto asset market to become sufficiently \u201cinstitutional\u201d so that the most conservative investors, who traditionally prefer gold and real estate, start paying real attention to it. The market will have to become less speculative and volatile, getting rid of the main charges brought against it by investment ultraconservatives.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async defer src=\"https:\/\/platform.instagram.com\/en_US\/embeds.js\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/wealth-report-as-old-money-procrastinates-young-money-goes-crypto\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Wealth report: As old money procrastinates, young money goes crypto &#8220; The rich get richer. According to the Wealth-X consulting company, in 2020, the number of ultra-high-net-worth individuals worth $5 million\u2013$30 million in the world increased by 1.7% to 295,450 people; the combined net worth of this group increased by 2% to $35.5 trillion&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":430473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvOGYzN2YzYmUtMjMyYy00NGQwLWI4MDMtNGZlMmI5ZmNiZGMzLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75972,74863,107431,75356,127190,74355,117,47746,73007,73711],"class_list":["post-430472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-crypto-capital","tag-cryptocurrencies","tag-cryptocurrency-investment","tag-future-of-money","tag-wealth101","tag-adoption","tag-business","tag-entrepreneur","tag-entrepreneurs","tag-investments"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/430472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=430472"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/430472\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/430473"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=430472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=430472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=430472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}