Bitcoin: A New Age Store of Value for Wealthy Investors
Bitcoin (BTC) has increasingly emerged as a significant store of value and a hedge against instability for some of the world’s wealthiest investors, according to Michael Sonnenfeld, the founder of Tiger21. In a recent interview with CNBC, Sonnenfeld highlighted the growing interest in cryptocurrency among high-net-worth individuals.
The members of Tiger21, a prestigious network comprising high-net-worth investors and executives, collectively boast a staggering net worth of approximately $200 billion. According to Sonnenfeld, these affluent members have allocated around 1% to 3% of their overall wealth into cryptocurrencies, which translates to an impressive $6 billion investment in the digital asset space.
“The realm of digital currencies is incredibly exciting. We have several members who have fully embraced Bitcoin; for them, it has become a modern substitute for gold,” Sonnenfeld explained during the interview. He elaborated that while traditionalists may prefer gold, Bitcoin represents a more contemporary investment choice. Both assets are often viewed as reliable storehouses of value.
As of now, Bitcoin has experienced an astounding increase of over 125% in value over the past year, with its current trading price exceeding $97,000, according to data from CoinDesk Indices. Sonnenfeld also noted a significant trend among members regarding their cash holdings, which have fallen to a 17-year low, signaling a robust confidence in the market.
