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Goldman Sachs’ ultra-rich clients bullish on crypto

Sixty percent of uber-rich families have invested or are planning to invest in cryptocurrencies.

Goldman Sachs Tower, Jersey City / Image by: LancerE / Flickr

Fri, 23 Jul 2021, 07:09 am UTC

While the crypto market has not yet fully recovered from its recent correction that saw Bitcoin falling from its all-time high above $64,000 to its current price of around $32,000, Goldman Sachs uber-rich clients are now increasingly bullish on digital assets. More than half of the bank’s ultra-wealthy families are already invested or are planning to invest in crypto according to a recent study.

In the survey, fifteen percent of Goldman Sachs’s wealthy clients have already invested in crypto assets, according to Bitcoin.com. The study suggests that high net-worth families are getting into crypto due to a number of factors including prolonged low rate, higher inflation, and “macroeconomic developments following a year of unprecedented global monetary and fiscal stimulus.”

Aside from the families that have already invested in crypto, 45 of the survey participants have expressed interest in crypto. These families have made inquiries on the possibility of using crypt as a hedge against inflation.

The New York-based multinational investment bank’s survey involved 150 family offices worldwide, according to Cointelegraph. The report defined the business of family offices as managing “the wealth and personal affairs of rich people,” such as Microsoft co-founder Bill Gates, Chanel owners Alain and Gerard Wertheimer, and former Google CEO Eric Schmidt.

Goldman Sachs private wealth management executive for Goldman, Meena Flynn said that most of the bank’s rich family clients want to discuss blockchain and digital ledger technology. They also expressed their conviction that “this technology is going to be as impactful as the internet has been from an efficiency and productivity perspective.”

The bank also revealed that 22 percent of family offices that participated in the survey manage $5 billion in assets. Meanwhile, 45 percent of the respondents manage between $1 billion and $4.9 billion in assets.

While the majority of the survey participants have invested or are planning to invest in crypto, there are those who expressed concerns about the asset class. One of the biggest concerns mentioned by the respondent is the uncertainty over crypto’s staying power.

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