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New survey shows more billionaires buying cryptocurrencies, more than non-billionaires

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Is Africa’s financial system about to experience yet another major disruption? Here's what we know

A new survey has revealed rising adoption of cryptocurrency among the world’s billionaires, as they start experimenting in the digital currency, expanding their investment portfolio beyond traditional profitable assets.

In the cryptocurrency research carried out by Forbes, the publication reported that 65 billionaires were surveyed, out of which 30% are directly or indirectly invested in different cryptoassets.

This figure is said to be higher than the adoption among non-billionaire investors. The survey comes amid attacks against bitcoin and other cryptocurrencies by billionaires, Bill Gates and Warren Buffett.

Both billionaires, who are also close businessmen, this year, criticised the crypto, with Gates saying he can’t invest in them because they don’t add value to the society like traditional investment instrument, and warned persons not as rich as Elon Musk to avoid it.

For Buffett, he said even if he was given all of bitcoin for $25, he wouldn’t invest in the cryptocurrency.

Read also: Why eNaira is better than cryptocurrencies – CBN

While himself and Gates might be against bitcoin, other billionaires, who chose to remain anonymous, are adding digital currencies to their portfolio, directly or indirectly.

A breakdown shows that cryptocurrencies account for about 1% of the fortune of the 18% surveyed billionaires, reflecting a small side experiment, while at least one tenth of the fortune belonging to 80% of the billionaires are in crypto

According to the report, more than half of the wealth held by 3.2% of the 65 billionaires are invested in cryptocurrencies, while those that don’t have direct investment in market, but backed crypto-focused firms are 10%.

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