Lithuanian Banks Issued a Warning Over Crypto Investments

A group of self-governing Lithuanian banks issued a warning regarding the crypto investment risks
01 March 2018   385

According to a statement, the Lithuania Banking Association stated that despite an increasing attention, cryptocurrencies still remains obscure to domestic investors. Banking Association advised being cautious in dealing with cryptocurrencies.

Investors must realize that they do so only at their own risk. Cryptocurrencies are unattended and unregulated. According to the statement, today’s value of cryptocurrencies is based on speculations.

The Banking Association consists of major financial institutions in the country including Swedbank, SEB Group, Danske Bank and the LKU Credit Union Group. It was founded in order to inform the public about financial technologies.

According to the association, it does not want to relate to cryptocurrencies. It plans to support the country's central bank, Bank of Lithuania.

LBA members strictly adhere to the position of the Bank of Lithuania to clearly disconnect their activities from virtual currencies and not to provide related services.

The Lithuania Banking Association

Survey: Millionaires do not gain Enough Crypto Advice

A survey revealed today by Capgemini shows: only 34.6 percent of high net worth individuals have got cryptocurrency information from their wealth managers
19 June 2018   48

According to Reuters, the information is received from Capgemini’s annual survey, the World Wealth Report. The latest edition demonstreted that additionally to the aforementioned 29 percent, a further 26.9 percent are “on the fence” relatively to  cryptocurrency investment - meaning that well over half of HNWIs are aware of and/or interested in cryptocurrency like Bitcoin.

A Paris-based business consulting corporation, Capgemeni, determines HNWIs as people with at least $1 million accessible to invest, outside of asset holdings such as real estate, automobiles, and art. At the start of 2018, there were a counted 15.2 million such people in the world. This part of society controls more than $70 trillion, and Capgemini expects that figure to rise to $106 trillion by 2025.

Also it was found by the study that 71.1 percent of younger millionaires (age 40 and below) place “high importance” on getting information about cryptocurrency from their wealth management firms, as do 13 percent of those aged 60 and over. In the whole, only 34.6 percent of them claimed that they had learnt cryptocurrency information from their wealth managers. 

This probably points to a trend of wealth managers being a bit behind the times. It also unfolds that a market force which could go some way towards explaining the fact that at least 167 new cryptocurrency hedge funds were instituted last year. During the year of 2017, these funds saw massive growth in profit.