More and more companies that manage the private assets of rich families are investing in Bitcoin and Co.
Asset managers of well-off families are increasingly intensifying their crypto engagement. This is the result of a study by the major bank Goldman Sachs. 60 percent of the so-called family offices surveyed have either already invested in cryptocurrencies or are seriously considering this step.
According to one Bloomberg report Goldman Sachs surveyed a total of 150 family offices with which it is commercially interwoven. There are around ten thousand such companies around the world that manage the private wealth of a single family. In the course of the tech boom, their market power increased steadily. For example, 45 percent of family offices in the survey manage assets between $ 1 billion and $ 4.9 billion. An estimate from 2019 even assumes assets of 6 trillion US dollars for the entire industry. These actors thus have a lot of potential capital for the crypto space.
Goldman Sachs notes great interest in crypto
The survey shows that 15 percent of the family offices questioned already participate in transactions with Bitcoin and Co. This is joined by another 45 percent with clear interest. According to Goldman Sachs, the family offices see cryptocurrencies as possible protection against “increased inflation, persistently low interest rates and other macroeconomic developments after a year of unprecedented global monetary and fiscal stimuli.”
Meena Flynn, who is responsible for the management of private assets at the major bank, confirmed to Bloomberg that her family office customers are keenly interested in crypto. They have numerous questions about blockchain and DLT. Flynn says many believe this technology will have a similar impact as it did with the Internet. There are also crypto-skeptical family offices. According to Goldman Sachs, doubts about the longevity of the crypto boom are the most widespread concern.
In this country, the blockchain investment fund Blockwall Capital II Family Offices is also one of its largest investors.