Study Finds Nearly 60% of Hong Kong and Singapore’s Super Rich Have Invested in Digital Assets – Featured Bitcoin News

According to a study jointly published by KPMG China and Aspen Digital, about 58% of Singapore and Hong Kong’s family offices and high-net-worth individuals have invested in digital assets. Reports suggest the info shows the crypto market downturn has not diminished the super-rich’s interest in digital assets, and is unlikely to dissuade them from increasing their holdings of these assets.

Singapore and Hong Kong’s Super-Rich Increasingly Interested in NFTs

A new survey has revealed that nearly 60% of HNWIs (high-net-worth individuals) and family offices in Hong Kong and Singapore have made investments in digital assets. 34% plan to make the same investment.

Besides holding BTC and ETH, the study found the two regions’ super-rich have also shown increased interest in non-fungible tokens (NFTs) and decentralized finance (defi) products. Commenting on the study’s findings, jointly published by KPMG China and Aspen Digital, the latter firm’s CEO Yang He said:

NFTs are seeing a surge in interest from 2021 to 2020, while Defi has been gaining interest since 2020.

A South China Morning Post study found that more than 60% of the 30 HNWIs and family offices that took part in the survey had assets under management (AUM), which ranged from $10 million to $500 million. As noted in the report, the two regions’ super-rich were not dissuaded from investing in crypto assets by the market’s downturn.

Families Offices may be able to allocate more digital assets

According to Aspen Digital’s CEO, Yang He said that he expected the wealthy families in these areas to invest more money into digital assets. Yang He’s sentiments are echoed by Paul McSheaffrey, senior banking partner at KPMG China. According to him, the likelihood of positive outcomes is what could encourage wealthy families to invest more in digital assets.

“For HNWIs and family offices, there is [a] real possibility of a big upside, so they may think why not stick 2 or 3 per cent of my portfolio in that and see what happens,” McSheaffrey said.

Your thoughts? Comment below and let us know how you feel.

Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. His writings have covered the economic problems of several African countries and how digital currency can offer an escape route.

Image creditShutterstock. Pixabay. Wiki Commons

DisclaimerThis article serves informational purposes. It does not constitute an offer, solicitation, or recommendation of any company, products or services. doesn’t offer investment, tax or legal advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.

Get more Crypto News at CFX Magazine