Ultra-rich want in on crypto, even if they don’t understand it

The world’s wealthiest people are investing in cryptocurrency without having a solid understanding of it, a new survey has revealed.

The latest Wealth Report by Knight Frank shows that around 21 per cent of respondents increased investments in crypto last year, but the firm pointed out that many of these investors have fundamental misunderstandings about the blockchain and crypto.

Nicholas Holt, Knight Frank’s head of research for Asia-Pacific, told CNBC: “We asked about their understanding of blockchain and there is still a huge amount of misunderstanding about it. Although people are getting on the train about investing in cryptocurrencies, perhaps there is not a full understanding of what this could mean to their wealth portfolio.”

As Bitcoin.com notes, the survey was conducted at the tail end of 2017, when Bitcoin and other virtual coins were at an all-time high.