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moneycontrol.com / 4 years ago
Bitcoin, Ethereum and here’s what else are the top picks of the ultra-rich
The crypto-market has shed almost a trillion dollars in cumulative market cap amid its recent weakness. Meanwhile, Bitcoin remains down by almost 45% in value since its record high in November 2021.
Alas, despite the mayhem, trading-platform Crypto.com has estimated that 1 billion people will likely invest in the asset class by the end of 2022.
With that being said, inflation could one of the biggest drivers that lead to crypto-adoption. Especially since ultra-high net worth individuals have been turning to crypto to beat the now permanent-looking inflation. In fact, a previous TIGER 21 report highlighted that the members have doubled on their crypto-investments.
It also revealed that it is being actively considered as an alternative to gold. The top investment vehicles range from Ethereum (34%), Bitcoin (33%), crypto-funds (23%), other alts (15%), and Dogecoin (2%).
Michael Sonnenfeldt, Chairman and Founder of TIGER 21 said,
“As all investors should be, the ultra-wealthy are concerned about inflation and looking to preserve assets in 2022.”
In this regard, crypto-analyst Lark Davis recently explained that the ultra-wealthy can very easily buy $10 million worth of Bitcoin or Ethereum without crashing their value. However, it is not true for low cap coins. He said,
“You sell $10 million of Bitcoin, nobody even notices.”
Additionally, he thinks that investment in DOGE is interesting and probably “Elon Musk-inspired.” But when it comes to funds, Davis explained that these individuals are also betting on the start-up space with exposure to crypto-funds.
A report by Bloomberg had noted that the majority of virtual asset investors are looking at the asset class for speculative purposes. Therefore, for quick profits, many have
Read on ambcrypto.comThe same topic in other media
Bitcoin and Ethereum Rally Stalls, Superhot LEO Trims Gains cryptonews.com / 4 years ago
Accounting Giant KPMG Invests in Bitcoin and Ethereum investopedia.com / 4 years ago
These indicators may favor Bitcoin and Ethereum despite a rocky start to 2022 ambcrypto.com / 4 years ago
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21.05 / 09:47
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