While interest and investment in Bitcoin (BTC) is increasing day by day with the significant contribution of ETFs, the founder of TIGER 21, a company that invests in high-income people, said that the rich are now investing in Bitcoin.
Speaking to CNBC, TIGER 21 founder Michael Sonnenfeldt said that the rich now see BTC as a store of value similar to gold.
Stating that at this point, $6 billion of the $200 billion investment portfolio is allocated to Bitcoin and cryptocurrencies, Sonnenfeldt said that some of its 1,600 members have fully invested in cryptocurrencies.
“Cryptocurrencies continue to be really exciting. At this point, Tiger21’s members have a combined net worth of $200 billion and our members have about 1%-3% of their wealth allocated to crypto. That’s about $6 billion.
Some of our members even invest entirely in cryptocurrencies.
“Bitcoin is now replacing gold. Gold is for the traditionalists, Bitcoin is a little bit new age, but they generally play the same role. They are perceived as stores of value.”
Sonnenfeldt did not elaborate on what cryptocurrencies, other than Bitcoin, TIGER 21 members have in their portfolio.
Sonnenfeldt’s company, Tiger 21, accepts members with at least $20 million in investable assets and operates on an invitation-only model.
*This is not investment advice.
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