The worlds ultra-rich invest their wealth into the cryptocurrency marketplace, although indistinct of term cryptocurrency says Wealth Report survey by Knight Frank.
According to the latest annual Wealth Report survey by Knight Frank, around 21 percent of the wealth consultants and private financiers said their clients intensified investment in cryptocurrency in 2017.
This is an astonishing fact, last year it observed that the total market capitalization of cryptocurrency on January 01, 2017 was $17.7 billion. But at the end of the year, it raised to $615.6 billion on December 30, 2017.
In an interview, Nicholas Holt, Knight Frank’s head of research for the Asia Pacific told CNBC that
“In a separate question, we asked about their understanding of blockchain. And there’s still a huge amount of misunderstanding about blockchain. So, although people are getting on the train about investing in cryptocurrencies. Perhaps there’s not a full understanding of what this could mean to their wealth portfolio.”
Prologue on Blockchain technology
Blockchain technology is an incorruptible digital ledger programming to record the financial transactions virtually. The cryptocurrencies including Bitcoin are designed on this evolving technology. This technology is already creating headlines across the world. It already revolutionized financial sector by introducing the digital currency called, Bitcoin, world’s first decentralized cryptocurrency.
Further, Blockchain technology has also played a vital role in the healthcare sector, Insurance contracts, identity management, manufacturing industry, banking sector, etc.
Some have commented on the potential of cryptocurrency, saying that Bitcoin is having the unstable nature of its value. Most of the countries have prohibited the use of cryptocurrencies. But the increased acceptance of cryptocurrency led to the introduction of Bitcoin futures in the US.