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The wealthy are still steering clear of Bitcoin. A new January survey confirms this.
The report indicates that even gold is losing its appeal among these investors. Only 12% of those surveyed still invest in it. Wealth managers clearly prefer assets they consider safer—stocks, bonds, and real estate remain their favorites. However, a few are cautiously eyeing other alternatives. The widespread public adoption hasn’t been enough to reassure the wealthy about cryptocurrencies.
Not really surprising.
A Parisian manager who wishes to remain anonymous says, “Regulation remains unclear, and price fluctuations are too significant.” This sums up the general sentiment well. BlackRock released similar figures in January—only 5% of its wealthy clients have even minimal crypto exposure. Sarah Johnson from Goldman Sachs echoed this sentiment at a conference in New York on February 2: “Investors are looking for predictable returns.” Bitcoin fluctuating between $20,000 and $40,000 last year scares off large portfolios.
Central banks aren’t helping either. Luis de Guindos from the ECB reiterated on February 1 the need for caution regarding cryptocurrencies, citing risks to financial stability.
Managers are closely following these signals. UBS advised in an internal memo on February 3 to maintain minimal crypto allocations—the market uncertainties remain too high. Fidelity said the same on February 4: despite interest from young investors, its wealthy clients remain distant. Only a fraction of its client portfolio includes cryptocurrencies. James Gorman from Morgan Stanley emphasized this on February 3: “As long as the legal framework remains unclear, enthusiasm will stay limited.” This follows earlier reporting on Dragonfly Capital Secures 0M Fund Despite.
Gold is doing better than Bitcoin, but not by much.
Amundi reported on February 2 that gold represents about 7% of total asset allocation, compared to less than 1% for cryptocurrencies. Not great for gold either, but still seven times better than Bitcoin. Philipp Rickenbacher from Julius Baer warned on February 5 in Zurich about the overvaluation of cryptocurrencies: current valuations lack solid economic fundamentals.
Noel Quinn from HSBC outright doubted on February 5 in London that cryptocurrencies will ever become a major component of wealth management portfolios. His wealthy clients prefer “more tangible and proven investments.” Deloitte reinforced this with a survey on February 4: 78% of wealth managers see cryptocurrencies as a passing fad. That’s a hard hit, especially knowing that crypto capitalization exceeded $1.5 trillion in 2025.
A BNP Paribas official confirmed on February 3 in Paris that demand for crypto-related financial products remains marginal among their high-end clients. Cybersecurity and fraud concerns still hinder adoption. McKinsey released a report on February 4 predicting that integrating crypto into the portfolios of the wealthy will require major advances in security and transparency. This follows earlier reporting on Crypto Red Envelopes Surge as Chinese.
But there are some signs of openness. Some surveyed managers say they are considering including a small portion of cryptocurrencies in the future—depending on regulatory developments and market stability. JP Morgan notes that wealthy clients are waiting for secure custody solutions and better integration of cryptocurrencies into traditional financial systems before committing further.
In the absence of all this, a massive investment in cryptocurrencies seems unlikely. Cryptocurrencies remain on the periphery of the investment strategies of the wealthy. A gap persists between the enthusiasm of the retail market and the caution of wealth managers. Upcoming changes in the regulatory landscape could influence these trends, but wealth managers will continue to monitor these developments without rushing. No specific date is set for a general reassessment of investment strategies. McKinsey has not specified a timeline for the changes it anticipates.
The resistance of the ultra-rich to cryptocurrencies is also explained by their complex tax strategies. Unlike individual investors, their portfolios often involve sophisticated offshore structures and wealth arrangements spanning multiple generations. Bitcoin complicates these setups—blockchain traceability, crypto taxation still undefined in some jurisdictions, and inheritance transfer difficulties. A Swiss family office explains that its wealthy clients have favored “tax-neutral” assets for decades.
Hedge funds tell a different story. Bridgewater Associates held about 2.8% of its portfolio in crypto at the start of 2025, while Renaissance Technologies maintained its positions around 1.5%. But these hedge funds do not operate like traditional wealth managers. They seek short-term returns, not capital preservation over generations. Ray Dalio from Bridgewater clarified on February 6: “We invest in Bitcoin as an inflation hedge, not as a primary store of value.”
