Tiger21 Founder Michael Sonnenfeldt Says Ultra-Rich are Bullish on BTC

Bitget App

Trade smarter

Bitget

News

Cointime2025/02/06 07:48

By:Cointime

From coindesk By Sam Reynolds| Edited by Parikshit Mishra

What to know:

The wealthy now see BTC as a gold-like store of value, says Tiger21 founder Michael Sonnenfeld.
Collectively Tiger21 members have $6 billion in crypto.

Bitcoin (BTC) has become a store of value and an instability hedge for the world's wealthiest investors, Michael Sonnenfeld, the founder of Tiger21, said during an interview on CNBC.

The members of Tiger21, a network of high-net-worth investors and executives, collectively have a net worth of $200 billion. The members have allocated around 1%-3% of their wealth into crypto, Sonnenfeld said, which amounts to around $6 billion.

"The areas of digital currencies remain really exciting. We have some members who are all in: it's become a gold substitute," Sonnenfeld said on CNBC. "Gold is for traditionalists, bitcoin a bit new age, but they often play the same role. They are perceived as storehouses of value."

BTC is up over 125% during the last year, according to CoinDesk Indices data , and is currently trading above $97,000.

Sonnenfeld also said that members' cash holdings have hit a 17-year low, which suggests high market confidence.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!