Wall Street giant Goldman Sachs says that investment firms that cater to the wealth of the super-rich are expressing interest in investing in cryptocurrencies.
A survey by the investment banking behemoth shows that 45% of family offices from multiple regions want to invest in cryptocurrencies.
Asia-based family offices lead this group with 68% showing interest in crypto for the future. In the Americas, 39% want to initiate exposure to crypto. Throughout Europe, the Middle East and Africa, 35% of firms are partial to investing in crypto assets.
The survey says that inflation concerns, low interest rates and increases in the money supply are factors driving interest in cryptocurrency investments from family-based firms.
“Some family offices are considering cryptocurrencies as a way to position for higher inflation, prolonged low rates, and other macroeconomic developments following a year of unprecedented global monetary and fiscal stimulus.
Of the approximately two-thirds of family offices that are actively thinking about an increase in inflation, digital assets emerged as one portfolio solution.
Currency debasement has also been top of mind for about 40% of global respondents, with more than 40% of this subset indicating they would consider investing in digital assets.”
According to the survey, some family offices are reluctant to invest in cryptocurrencies due to unfamiliarity with the technology and sustainability concerns.
“Among respondents with no cryptocurrency exposure, their most cited reason for caution stemmed from a view that cryptocurrencies are not a good store of value.
Some respondents also said they had reservations about the underlying infrastructure (e.g., custody options and exchanges) or that they weren’t familiar with the digital assets space.
Additionally, we have found that investors are increasingly critical of the environmental impacts of cryptocurrency mining (Bitcoin in particular).”
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