More high-net-worth investors are jumping into Bitcoin (BTC) and digital assets, according to an industry insider.
In a new interview with CNBC, Michael Sonnenfeldt says digital currencies are “really exciting” for members of his organization.
Michael Sonnenfeldt is the founder and chairman of Tiger 21, a peer advisory organization for high-net-worth entrepreneurs, investors and executives.
According to Sonnenfeldt, Bitcoin and gold have distinct use cases, noting that the precious metal is used to seek refuge in times of global instability.
“We have some members that are all in. It’s become a gold substitute. Gold isn’t an inflation hedge, it’s an instability hedge. There’s a lot of instability around the world and people think that in America they’re concerned about it, but if you live in Argentina or Lebanon or any countries that are under risk, Bitcoin is taking on a new role.
So we have about 1-3% of $200 billion in assets, so about $6 billion in assets, in digital currencies.”
Sonnenfeldt argues that gold and Bitcoin “often play the same role,” though gold tends to be the preference of “traditionalists,” while “new age” investors choose BTC.
“They’re perceived as storehouses of value that are not subject to government fiat. When you get out of that, when you have a truly global market like that, people feel like there’s some real refuge there to be found.”
Bitcoin is trading at $98,040 at time of writing. The top-ranked crypto asset by market cap is up nearly 2% in the past 24 hours.
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