Bitcoin, NFTs attract family offices, super-rich in Hong Kong, Singapore as investors look to diversify portfolio, study shows
- Nearly 60 per cent of family offices and ultra-rich individuals have been investing in digital assets for the past two years, a KPMG China-Aspen Digital report shows
- Bitcoin and ethereum were the most popular digital assets, while interest in NFTs and DeFi was rapidly growing
Most family offices and high net worth individuals (HNWIs) from Hong Kong and Singapore have taken to digital assets, shrugging off the volatility roiling the market for the past two years, according to a new report.
Some 58 per cent of them were investing in digital assets while 34 per cent intend to do so, according to a joint study published by KPMG China and Aspen Digital on Monday. Over 60 per cent of the 30 family offices and HNWIs in both cities had assets under management ranging from US$10 million to US$500 million.
Bitcoin and ethereum were the most commonly invested assets, while non-fungible tokens (NFTs) and decentralised finance (DeFi) saw the fastest-growing interest among the respondents.
“NFTs have seen an explosion in interest since 2021, while the interest in DeFi began in 2020 and remains interesting,” said Yang He, CEO of Aspen Digital, a cryptocurrency asset management platform.
05:15
SCMP Explains: What are NFTs?
Digital assets have evolved as an alternative asset class as investors are tempted by high returns. Portfolio diversification has also driven interest in digital assets. Since the sell-off in November 2021, the global market value of digital assets has halved to US$1.5 trillion, according to Hex Trust, a digital asset custody firm.
