on the crypto
According to a recent report from the Bank for International Settlements, there are two large-cap cryptocurrencies that more educated investors and wealthy people prefer to Bitcoin.
Market experts have been advising retail investors for years to go with smart money if they want exposure to promising investments. In most cases, this smart money is institutional investments.
Which cryptocurrencies are preferred by wealthy and educated investors?
But there is another kind of smart money, that comes from wealthy and highly educated investors. A new report from the Bank for International Settlements (BIS) says there are two large cap coins these investors are buying.
Unsurprisingly, the largest altcoin, Ethereum, is one of them. XRP has been identified as the other cryptocurrency of choice for wealthy and educated investors.
This report was produced by the Central Bank-owned International Financial Institution. Examine the behavior of cryptocurrency investors. It not only looked at those with higher education, but also looked at the behavior of low-income investors and what they are buying.
Of all cryptocurrencies, Ether and XRP holders are the most educated. Litecoin (LTC) owners rank in the middle. Bitcoin owners are in the middle. Median household income is higher for cryptocurrency owners than the rest of the population, with owners of Stellar (XLM), Ether and XRP being the richest.
Bitcoin remains the strongest currency
BIS reports that Ether, XRP and Bitcoin are the most popular among the wealthiest and most educated investors. Bitcoin is still the most popular currency on which invest, closely followed by ETH or LTC. This report also highlighted the increase in exposure to cryptocurrencies.
Due to the recent price hike, knowledge of cryptocurrencies has almost doubled.
Although knowledge of cryptocurrency is growing, ownership of it remains a rare option for a small number of people.
Only 40% of Americans knew at least one cryptocurrency in 2014, mostly Bitcoin. In 2019, this percentage rose to almost 70%
Ripple is backed by XRP investors
Ripple can be used to process international transactions. Ripple acts as a trusted agent between two parties to a transaction. The network can quickly verify that the exchange was successful. Ripple is able to facilitate exchanges between fiat and cryptocurrencies like Bitcoin and commodities like gold.
Pat White, CEO of Bitwave, said ripple was created from the start to replace SWIFT [a major money transfer network] or to replace the settlement layer between major banks.
The network charges a small fee for each transaction made using the network's network.
Ethereum is a popular choice, with the network having received praise from institutions and market leaders in recent years. This network is the network you can build on. The network has also shown considerable resilience to the threat of being overthrown by other networks, the so-called "Ethereum killers".
The SEC said the token was released to security. This has created a serious threat to XRP in the past few months. Many XRP investors remain confident Ripple will win, despite ongoing legal proceedings. This will lead to an increase in XRP prices.
