Bitcoin (BTC) has become a store of value and an instability hedge for the world’s wealthiest investors, Michael Sonnenfeld, the founder of Tiger21, said during an interview on CNBC.
The members of Tiger21, a network of high-net-worth investors and executives, collectively have a net worth of $200 billion. The members have allocated around 1%-3% of their wealth into crypto, Sonnenfeld said, which amounts to around $6 billion.
“The areas of digital currencies remain really exciting. We have some members who are all in: it’s become a gold substitute,” Sonnenfeld said on CNBC. “Gold is for traditionalists, bitcoin a bit new age, but they often play the same role. They are perceived as storehouses of value.”
BTC is up over 125% during the last year, according to CoinDesk Indices data, and is currently trading above $97,000.
Sonnenfeld also said that members’ cash holdings have hit a 17-year low, which suggests high market confidence.
Read MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]
Bitcoin and crypto staged their strongest rally in months as Treasury intervention, regulatory moves and…
Treasury buybacks are not QE, analysts said, but the move helped pull long-term yields off…
ZEC traded above its January 2018 peak as futures volume hit billions of dollars and…
Bitcoin Magazine Smart Money Helping Support Bitcoin Rebound, Says Pantera Capital American investment firm Pantera…
Bitcoin Magazine Legendary Investor Ray Dalio Touts Bitcoin — With Gold — To Hedge Against…
Hashdex has begun liquidating its Hashdex Bitcoin ETF, ticker DEFI, marking the first closure of…