According to a new survey, companies tasked with managing the wealth and personal affairs of extremely wealthy individuals are increasingly interested in crypto.
The bank conducted a survey that drew responses from more than 150 family offices located throughout the world. 22 percent of participating firms managed more than USD 5 billion in assets, while 45 percent managed between USD 1 billion and USD 4.9 billion.
According to the survey, 15% of respondents have already made an investment in unspecified cryptocurrencies.
Additionally, 45% would consider investing as a hedge against “increased inflation, prolonged low interest rates, and other macroeconomic developments following a year of unprecedented global monetary and fiscal stimulus.”
Additionally, respondents expressed interest in investing in the “digital asset ecosystem.”
According to Meena Flynn, who helps lead Goldman’s private wealth management practise, the majority of families want to talk to them about “blockchain and distributed ledger technology,” and many believe that “this technology will be as transformative as the internet has been in terms of efficiency and productivity.”
However, other respondents expressed reservations about digital currencies’ long-term value, despite the financial industry’s recent increased adoption of crypto and emerging blockchain technologies.
Meanwhile, Ralph Hamers, the CEO of Swiss banking giant UBS, told Bloomberg TV that cryptocurrency is a “untested asset class,” adding that their clients have inquired about it. “Clients are weighing their options,” he explained. “They are aware of crypto — and there is some fear of missing out, as they read about it in the news — but they also see the volatility. Thus, we advise with caution and do not actively offer it.”
At 15:02 UTC, bitcoin (BTC) trades at USD 31,879 and is up by 7% in a day. Ethereum (ETH) rallied by 9%, reaching USD 1,939.
The article has been generated from a syndicated feed. The meaning of the article has not been altered in any way.
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