The future of cryptocurrency and digital assets remains a moving target, with enthusiasm for President Trump’s pro-crypto policies dwindling and new regulatory and investor concerns emerging as companies move quickly to tokenize stocks. Meanwhile, Japan just inked a deal to mine Bitcoin to support its energy strategy.

The Forbes Research 2025 High Net Worth Survey reveals a dramatic recalibration in how high-net-worth individuals (HNWIs) are approaching digital assets. For example, the percentage of HNWIs calling digital assets a “significant part” of their portfolio fell by 64% — from 44% in 2024 to just 16% in 2025.

The survey polled 250 global HNWIs with more than $2 million in investable assets between April and May….