What percentage of the ultra-rich are investing in Bitcoin

SPACs, or Special Purpose Acquisition Companies, influenced primarily by high net-worth individuals and private family offices, witnessed a shift in its focus on cryptocurrencies at a remarkably high proportion. This change came to light very recently, post the surge in cryptocurrencies gaining immense legitimacy, especially Bitcoin.

These family offices are in charge of managing a significant inflow/outflow of cash. Consider the table below.

Source: Bloomberg

The gradual shift to digital assets was mainly linked to strict regulations by the SEC and the high rate of failure in start-ups. The same has prompted the SPACs to venture into other investment alternatives, notably, cryptocurrencies.

The same was the topic of discussion in a recent interview. Meena Flynn, global co-head of private wealth at Goldman Sachs, discussed the results of her firm’s recent survey of managers of the wealth and personal affairs of the ultra-rich and the interest of family offices, in cryptocurrencies. Flynn stated,

She also mentioned that the ultra-wealthy entered the crypto domain not just because of the buzz but observing the potential impact of this technology’s future, adding,

Meanwhile, when asked about these (wealthy) investors’ approach towards incorporating crypto in their portfolios, the Goldman Sachs executive said,

About the former (the 15%), she remarked that these investments were just around 1–3% of their portfolio and, “These investors were viewing these holdings as potentially a hedge against inflation.” While the latter (the 45%) remained keen on Bitcoin’s store value, she said.

Not so long ago, JP Morgan admitted that demand for the asset class had increased significantly. Moreover, most of the company’s clients viewed bitcoin as an asset class.

forex and cryptocurrency expert trader;Whatsapp(+17188396546) OR telegram(timothyhamiltonofficial) and for free forex signal-https://t.me/freeforextradesignal01