Super wealthy families are turning to cryptocurrency investments, according to a recent survey by Goldman Sachs. According to the study published on Bitcoin.com, almost half of the firm’s family office clients are interested in cryptocurrencies. In all, 150 family offices were heard in the survey.
The main reason for the interest of family offices in cryptocurrencies concerns inflation, negative interest rates, and macroeconomic issues after a year of unprecedented global fiscal and monetary stimulus.
Goldman’s private wealth management executive, Meena Flynn, said that a large portion of families wants to discuss “blockchain technology and digital accounting”. In addition, family offices believe “this technology will have as much impact as the Internet has been from an efficiency and productivity perspective”.
Family offices want to know about cryptocurrencies in the long run
According to Goldman, 22% of family offices that responded to the survey manage US$ 5 billion, while asset managers with US$ 1 billion to US$ 4.9 billion accounted for 45% of the participants surveyed. In addition, the Goldman survey shows that of all respondents, 15% of respondents have already invested in cryptocurrency and blockchain products.
While some are curious about investing in cryptocurrencies, Goldman’s survey also noted that some respondents are concerned. One of the biggest concerns is whether or not crypto assets have long-term staying power.
Goldman’s survey also noted that while many investors are investing in real estate and stocks, a large portion of these family offices is participating in special purpose acquisition company investments, also known as SPACs. Family offices were also very interested in cryptocurrency investments during the bull run of 2015
Fidelity sees increased interest in digital assets
This year, Fidelity Digital Assets, Fidelity Investment’s crypto subsidiary, verified increased family office participation. Tom Jessop, president of Fidelity Digital Assets, recently explained that the company realized that institutional investors and high net worth offices have accelerated demand for ethereum (ETH).