76% of Asian Wealth Managers Now Investing in Crypto: Report

A study released by Aspen Digital indicates that a growing number of Asian private wealth managers are engaging in cryptocurrency investments, with 76% reporting they are actively investing in digital currencies.

Increased Interest Driven By Potential Gains

Named “Asian Private Wealth in Digital Assets,” the report highlights the increasing acceptance of digital assets among Asian private wealth managers.

The research encompassed around 100 family offices (FOs), high-net-worth individuals (HNIs), and asset managers from countries such as Japan, Singapore, and Hong Kong conducted in the latter half of 2024.

The percentage of individuals investing in cryptocurrencies has climbed to 76% in 2024, rising from 58% in 2022, based on earlier findings. Additionally, 18% of participants plan to invest in crypto assets soon.

An impressive 94% of family offices and high-net-worth individuals are either currently investing in or intend to invest in digital assets. Discussing this shift in perception regarding cryptocurrencies, Elliot Andrews, CEO of Aspen Digital, noted:

For the private wealth segment, the discussion has significantly transitioned from whether this asset class is viable, to determining how much of the portfolio should be dedicated to it. Despite their recent launch, these ETFs are now the quickest-growing ever. Though still only embraced by a limited number of institutional investors, they have imparted substantial legitimacy to the asset class.

The approval for Bitcoin (BTC) exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) earlier this year provided a significant regulatory support for the leading digital asset, encouraging investors to add cryptocurrency exposure to their portfolios.

Bitcoin ETFs have become the fastest-growing ETFs in history, with BlackRock’s IBIT accumulating $10 billion in assets under management (AUM) within just 49 days. The previous record belonged to JPMorgan’s JPEQ, which took 647 days to achieve that target.

In 2024, major areas of focus for private wealth managers include decentralized finance (DeFi), AI, and decentralized physical infrastructure networks (DePIN), with real-world asset tokenization gaining traction. Interestingly, non-fungible tokens (NFTs) and the perception of crypto as a “store of value” have dropped in priority among the most relevant digital assets.

Expectations for Bitcoin to Hit $100,000 by Year-End

The study also reveals that 31% of participants believe BTC could reach at least $100,000 by the end of 2024, while 10% anticipate prices dipping below $60,000.

Even though the $100,000 target may seem overly hopeful—especially given Bitcoin’s volatile price patterns amidst increasing geopolitical tensions in the Middle East—some crypto analysts and indicators imply this forecast may be too conservative.

For instance, crypto analyst Ali Martinez has recently highlighted Bitcoin’s “cup and handle” pattern, a classic bullish indicator that might drive its price to between $194,000 and $352,000.

Conversely, a recent analysis suggested that Bitcoin’s four-year cycles—a historically reliable bullish indicator due to BTC’s halving—might not remain dependable for predicting its future price movements.

Moreover, Bitcoin’s Google search interest has plummeted to unprecedented lows in 2024, casting doubts on the chances of a BTC rally in Q4 2024. Currently, BTC is trading at $67,148, reflecting a 0.4% decline over the past 24 hours.