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
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