The Currency analytics
By Jean-Luc Maracon
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.
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.
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.
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.
Noel Quinn from HSBC outright doubted on February 5 in London that cryptocurrencies will ever become a major component of wealth management portfolios.
A BNP Paribas official confirmed on February 3 in Paris that demand for crypto-related financial products remains marginal among their high-end clients.
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…
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.
The resistance of the ultra-rich to cryptocurrencies is also explained by their complex tax strategies.
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…