The debate around digital assets and cryptocurrencies has often moved between two extremes: on the one hand the enthusiasm of retail finance, on the other the prudence of regulators. But there is a decisive market segment that is changing the rules of the game in a silent and effective way: that of holders of large assets.
Shedding light on this phenomenon is a study conducted by CoinShares - presented during a press conference in London, in which Repubblica took part - which shows that cryptocurrencies are no longer considered a marginal or exotic bet, but a structural element in the portfolios of large fortunes.
Widespread adoption: more than two out of three investors are looking at cryptocurrencies
According to the data presented, approximately two out of three wealthy investors, over sixty-five percent, today allocate a portion of their capital to digital assets. The average share allocated is around 10% of the entire portfolio, a share completely comparable to that allocated to traditional sectors such as private equity or raw materials.
This data disproves the idea that digital assets are reserved exclusively for those seeking very short-term speculative returns. On the contrary, the analysis shows how the majority of these investors adopt a long-term approach: the main drive lies in the desire to diversify portfolios and in the belief that blockchain technology represents the future of global finance.
In this scenario, the progressive rapprochement between the crypto world and traditional finance plays a crucial role. “Historically the two sectors have highlighted their differences, but today we are witnessing a strong convergence, also favored by the new European regulations,” explained Matteo Stivanello, Italian manager of CoinShares. “This creates a significant advantage for both private clients and wealth managers, who feel the need to understand the new asset class, train themselves and understand how to correctly insert it into portfolios”.
The macroeconomic and geopolitical turning point
Unlike small savers, who are strongly influenced by daily price fluctuations, large investors make decisions guided by macro factors. Interest rates and inflation are the primary drivers driving the purchase or sale of cryptocurrencies. Likewise, political instability and geopolitical tensions between the United States and Europe are seen by many as a signal to increase exposure to digital assets, perceived as a hedging tool in complex scenarios.
At an asset level, Bitcoin remains the lifeline, chosen by over 80% of those investing in the sector. However, nearly ninety percent of those who own Bitcoin also hold other digital assets, demonstrating a maturation in the exploration of Ethereum, stablecoins and altcoins.
“It is important to distinguish the roles of the different assets,” underlines Stivanello. "Bitcoin represents an alternative to the traditional monetary system, a scarce and finite asset by definition. Ethereum and Solana, on the other hand, support the world of smart contracts and the programmability of capital, paving the way for hybrid finance and the tokenization of shares (the digitization of real assets on a blockchain ledger, ed.), treasuries and monetary funds. Stablecoins are also revolutionizing payments with real-time and borderless settlements. The traditional finance industry, historically accustomed to office hours, is increasingly embracing the potential of these infrastructures”.
The generation gap and the transfer of wealth
One of the most significant elements that emerged from the study concerns the clear demographic divide among investors. Investors under 45 show an average allocation double that of older investors, accompanied by a greater propensity for risk and a strong ideological conviction. On the contrary, the population over forty-five maintains a more cautious approach, despite showing a constantly growing interest.
This difference takes on a crucial weight when considering the phenomenon of the large transfer of wealth. Over the next two decades, it is estimated that more than $83 trillion will pass from older to younger generations. A huge financial mass destined to be managed by digital native investors, inclined to drastically increase exposure to cryptocurrencies.
The challenge of skills and the choice of regulated tools
Despite the strong inclination towards digital assets, the traditional consultancy sector still appears to be lagging behind. The study reports that private bankers and asset managers recommend cryptocurrencies only in a small percentage of cases, creating a real gap between the offer of advice and real customer demand.
Around 69% of investors interviewed say they are ready to rely on asset managers as long as they demonstrate real expertise in the digital asset sector. Furthermore, there is a progressive transition from direct transactions on exchange platforms towards regulated and intermediated financial instruments.
CoinShares' strategy focuses precisely on the use of suitable tools to intercept this demand. “The Italian market is supply-driven and bankers need secure solutions,” Stivanello noted. "Since 2015 we have focused on ETP vehicles ((Exchange Traded Products, i.e. financial products listed on the stock exchange that replicate the performance of the underlying asset, ed.)) to unite the two worlds. The ETP integrates perfectly with the existing infrastructures in private banks, simplifying technological due diligence and eliminating custody and bankruptcy risks thanks to separate corporate structures and the presence of a trustee".
