BNY Mellon, the oldest bank in the USA, has released a new report indicating a growing institutional interest in cryptocurrencies. According to the report, family offices are increasingly incorporating cryptocurrencies into their investment portfolios, with these digital assets now making up 5% of their holdings.
The 2024 BNY Mellon Wealth Management Survey found that approximately 39% of family offices are actively investing in or considering cryptocurrencies, highlighting a strong interest in this modern asset class. However, some family offices remain hesitant due to concerns about volatility, regulatory uncertainties, hacking, and cybercrime in the crypto space.
Despite these reservations, family offices are demonstrating a willingness to explore new opportunities and embrace emerging trends. The report notes that the allocation of 5% to cryptocurrencies in portfolios would have been unimaginable a decade ago, underscoring the changing attitudes towards digital assets.
When it comes to investing in cryptocurrencies, family offices are primarily interested in spot cryptocurrency ETFs and trading directly on exchanges. Family offices are private organizations established by affluent families to manage their wealth, plan for the future, and take advantage of investment opportunities.
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