the family office of billionaire Simon Nixon has stated its intention to increase its cryptocurrency holdings.
Institutional demand for Bitcoin and cryptocurrencies has multiplied this year, with virtually every major Wall Street bank, family office, and hedge fund investing in the digital asset market. Throughout 2021, the family office’s interest in cryptocurrency has increased.
The family office stated that they saw cryptocurrency as a critical sector of the future. Additionally, the family office is looking to hire an analyst to assist it in focusing on the crypto industry. The company’s plan to expand its crypto portfolio comes at a time when crypto usage appears to be at an all-time high. According to a recent poll conducted by Goldman Sachs, more than half of the family offices with which the banking giant conducts business are interested in crypto investments.
Cryptocurrency Investments by Family Offices are Growing
Bitcoin‘s price has recovered dramatically from its May-June meltdown, breaking out of the $30K-$40K price zone and recouping about 70% of its losses. In August, altcoins had a similar comeback. However, despite the three-month bear market, institutional investors and family offices retained their interest.
Apart from Seek Digital, Cryptology Asset Group, which is co-founded by Michael Novogratz and Christian Angermayer, pledged a $100 million investment in crypto-focused funds. CITI Group has become the latest banking titan to file to sell its clients CME Bitcoin Futures. Other Wall Street titans such as Goldman Sachs, JP Morgan, and Fidelity Investments have lately created Bitcoin investment vehicles for their clients.
Bitcoin is now trading at $46,869, below the critical support level of $47,000. The leading cryptocurrency was rejected at $50,000 and is now on the lookout for a little decline. After rebounding from the present downturn, a bounce-back is likely.
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