Bitcoin (BTC) has become a value store and instability coverage for the richest investors in the world, said Michael Sonnenfeld, founder of Tiger21, during an interview on CNBC.
The members of Tiger21, a network of investors and high status executives, have collectively a net value of 200 billion dollars. The members allocated around 1% to 3% of their wealth in crypto, said Sonnenfeld, which represents around $ 6 billion.
“The fields of digital currencies remain really exciting. We have members who are all inside: it has become a gold substitute,” said Sonnenfeld on CNBC. “Gold is for traditionalists, a little new bitcoin, but they often play the same role. They are perceived as valuable warehouses.”
BTC has increased by more than 125% in the past year, according to Coindesk indices, and is currently negotiated above $ 97,000.
Sonnenfeld also said that the cash funds have reached a 17 -year -old hollow, which suggests great confidence on the market.
