KPMG: The Mega Rich Are Buying Bitcoin and These Altcoins!

KPMG has released a new report. According to the report, more than 90 percent of family offices and high-net-worth individuals are interested in investing in the Bitcoin and altcoin space. Some of them are already crypto investors. Following the report, it is thought that the powerful elites of Hong Kong and Singapore in particular are looking at cryptocurrencies with enthusiasm. Here are the details…

KPMG report sets the rich’s attitude towards crypto

The report titled “Investing in Crypto Assets” by KPMG China and Aspen Digital was released on October 24. According to the report, 58 percent of family offices and powerful individuals who participated in a recent survey are already investing in cryptocurrencies. 34 percent of the associates plan to invest in these assets. The survey took the pulse of 30 family offices and high-net-worth individuals in Hong Kong and Singapore. It is noted that many associates manage assets in the middle of $10 million to $500 million.

KPMG said the massive crypto uptake amid the ultra-rich has spurred an increase in “mainstream institutional interest.” He said that this increased his belief in the department. It is also stated that institutions are gaining more access to crypto artifacts, including edited works. Singapore’s largest bank, DBS, shared insights on crypto services on its digital exchange (DDEx) in September. It reported that they have expanded their services to nearly 100,000 clients who meet the criteria regarding their income and are classified as accredited investors.

Investors focus on Bitcoin and these altcoins

Cryptocurrency exchange Coinhako has obtained a license from the Monetary Authority of Singapore (MAS) to offer Digital Payment services. Few companies are getting this license, which it announced in October. However, allocations remain relatively small. Many investors dedicate less than 5 percent of their portfolios to crypto assets. In the midst of these, funds are transferred to Bitcoin, Ethereum and stablecoins. As we have also reported, stablecoins are cryptocurrencies that are fixed to a certain asset. Stablecoins in the market are mostly pegged to the US dollar. You can see the largest stablecoins as follows:

Survey respondents talked about market volatility and difficulties in real valuation. It also noted the lack of regulatory clarity regarding cryptoassets. It is stated that these continue to be an inconvenience to invest in the branch. However, KMPG noted that regulatory clarity in the two countries could change for the better. For example, all crypto asset service providers (VASPs) in Hong Kong will have to apply for a license by March 2024. Singapore also plans to expand its cryptocurrency regulations.

The Hong Kong securities regulator recently announced that it wants to allow investors to invest directly in crypto and revisit their current crypto trading needs. Additionally, the Monetary Authority of Singapore (MAS) is expanding crypto trading for several exchanges in the country that have received pre-approval to provide services.

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