The huge fall in the value of Bitcoin since its all-time high, which also led to the decline of a majority of altcoins over the past few months, has been a cause for concern among investors but not the ultra-rich. Despite the fall in crypto prices, a study by Goldman Sachs showed that the crypto interest of family offices- firms in charge of managing billionaire’s funds is increasing.
Bitcoin mining continues to remain a topic of concern.
The world’s leading crypto by market cap, bitcoin, started off the year positively. When the year started, Bitcoin pulled in constant increases and reached new highs. However, bitcoin dipped in mid-April following a comment by Tesla CEO Elon Musk over energy usage and environmental concerns. Since then, Bitcoin has been further losing its value due to other reasons mainly driven by FUD. The cryptocurrency has shed about 50% from its all-time high of nearly $65,000 in mid-April. At the time of writing, the top coin, Bitcoin, is up 4.29 percent and is trading for $32,162.
Billionaires are positive about crypto’s future.
Partner & Global co-head of private wealth management at Goldman Sachs, Meena Flynn, commented on the increasing interest of the ultra-rich in crypto. The Goldman Sachs executive said that the billionaires are moving towards cryptocurrencies because they believe cryptocurrencies are the future. Flynn explained that respondents of the survey showed interest in the digital asset space. She added that several family offices want to discuss “blockchain and digital ledger technology. Family offices have increased as a result of the growing number of tech billionaires. Globally, family offices assets are estimated at nearly $6 trillion, according to researcher Campden Wealth.