Travis Wolfe is the source.
According to a new analysis from the Bank for International Settlements, wealthy and well-educated investors prefer two large-cap cryptocurrencies to Bitcoin.
The ongoing Ripple litigation, which has been suppressing XRP since the turn of the year, has shockingly had little effect on these investors.
For years, market experts have recommended retail investors to follow the’smart money’ in order to gain access to promising opportunities. Institutional investments and market whales are the most common sources of smart money. There is, however, another type of smart money: that of wealthy and well-educated investors. According to a new analysis from the Bank for International Settlements (BIS), these investors prefer to acquire two large-cap coins over Bitcoin. Unsurprisingly, Ethereum, the largest altcoin, is one of them. The other cryptocurrency preferred by wealthy and educated investors was identified as XRP.
The international financial institution owned by central banks investigated the behavior of bitcoin investors in this research. It has looked at the least educated, different household income levels, and what they are buying in addition to the highly educated.
Owners of XRP and Ether are the most educated, while those who own Litecoin (LTC) are the least educated, with Bitcoin owners falling somewhere in the middle. Cryptocurrency owners have a greater household income than the general public, with XRP, Ether, and Stellar (XLM) holders among the wealthiest.
Ether and XRP, according to BIS, outperform Bitcoin among the most educated and wealthy investors. However, Bitcoin is the most widely used cryptocurrency, followed by Ethereum and Litecoin. The rising cryptocurrency exposure was also mentioned in the report. Knowledge of cryptocurrencies has virtually increased, owing to the recent price surge.
While awareness of cryptocurrencies is growing, ownership is still restricted to a small group of people. Only about 40% of Americans were aware of at least one cryptocurrency in 2014. (mainly Bitcoin). Investors in XRP boosted this percentage to around 70% in 2019. Ripple
The growth in interest in Ethereum is unsurprising, given the network’s recent high accolades from market leaders and organizations. The network has established itself as the go-to platform for developers. Furthermore, the network has showed remarkable resiliency in the face of years of threats from so-called “Ethereum killer” networks.
The SEC has claimed that XRP was issued as a security, posing a significant danger to the token in recent months. With court proceedings still underway, many XRP investors believe Ripple will prevail, causing XRP prices to skyrocket.
Related: A hypothetical Ripple vs. SEC settlement won’t happen this year; it’ll have to wait until January 2022: Expert in law
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