40% of UK High Net Worth Individuals Currently Hold Cryptocurrency Assets

December 17, 2024 12:21 PM EST | Source: Press Ranger

London, United Kingdom–(Newsfile Corp. – December 17, 2024) – As Bitcoin passes $100k, could high net worth individuals drive prices even higher?

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With Bitcoin passing the $100,000 mark for the first time, research from financial planning firm Saltus has found that fewer than half of high net worth individuals (HNWIs) in the UK currently own any cryptocurrency at all.

The Saltus research of 2,000 people with investible assets of more than £250,000 found that just four in ten (40%) of HNWIs own crypto assets, but a further 46% say they plan to invest in the future. Just 16% say they do not hold any crypto and have no plans to do so.

HNWI appetite for crypto declines with age

Older HNWIs are far less likely to be drawn to crypto, with a significant majority (69%) of those aged over 55 saying they do not hold any cryptocurrency and have no plans to do so in future. This compares to just 7% of those aged 18-24, 9% of 25-34 year olds and 8% of those aged 35- 44.

Appetite is more mixed among the middle aged, and while 35% of 45-54 year currently own crypto, more than a quarter (27%) say they have no plans to do so.

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Those unsure about their finances far less likely to hold crypto

The Saltus research found that HNWIs who have not taken financial advice are far less likely to consider crypto. 67% of individuals who have never received any financial advice and 42% of those who last received advice more than two years ago do not hold the asset and have no plans to do so. Those who have received advice in the last two years are more likely to invest, with 44% currently holding crypto assets and a further 48% planning to do so in the future.

Mike Stimpson, Partner at financial planning firm Saltus, said: “Our research shows that a very significant number of high net worth individuals do not currently hold any cryptocurrency at all, but large numbers, particularly younger people, say they plan to do so. With the psychological $100,000 Bitcoin level having now been surpassed, and as prices and interest continue to rise, the temptation for more to acquire crypto for the first time is undoubtedly significant and could have an upward impact on prices.

“However, investing in cryptocurrency should only be done if the individual is willing to lose everything and for most people it should only ever make up a very small portion of investible assets. The age of the individual is also key – anyone remotely close to retirement, needing to realise gains or draw any income should be very cautious when evaluating crypto, whereas those able to hold the asset for longer periods might feel they can have greater levels of confidence if they have received the proper advice.”

 

High net worth individual crypto attitudes by age

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About Saltus

Saltus Financial Planning was launched in 2015, with the aim of being an industry leader in providing financial advice. Saltus now employs over 300 people, and we have the privilege of looking after over £8bn for our clients.

Press Inquiries

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Harleen Kaur
[email protected]
+44 (0) 20 8050 9928

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