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   389

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.

SEC to Need More Info on BTC ETF

SEC is gathering more input from the public – to date, according to the agency, more than 1,400 comments have been submitted
21 September 2018   158

The US Securities and Exchange Commission (SEC) announced the beginning of a formal process for considering the application for the creation of bitcoin-ETF from the New York companies VanEck and SolidX. Nevertheless, the agency appealed to the community for more information. This is stated in the document published on the SEC website.

Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.
 

The US Securities and Exchange Commission

At the moment, the SEC received about 1,400 comments.

According to the document, the Chicago Board Options Exchange (CBOE) has signed an agreement on the exchange of data on bitcoin transactions, trading and the state of the market with the cryptocurrency trading platform with Gemini.

The agency asked commentators to clarify the position of Gemini in the digital currency market and assess the likelihood of increased volatility at this site in connection with possible trades of bitcoin-ETF.

So, before September 30, the department had to decide on whether to approve, deny or initiate the proceedings. The SEC chose the latter, which is likely to delay the process until the next year.