Ultra-Rich Bet Big on Bitcoin 🍀💰

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Let’s get this straight:

  • The ultra-rich now see BTC as the new shiny gold, says Tiger21’s Michael Sonnenfeldt 🤑✨
  • Tiger21 members have $6 billion in crypto, and no, it’s not Monopoly money 💸

Bitcoin (BTC) has gone from being a niche digital currency to the world’s wealthiest investors’ favorite store of value and hedge against instability, according to Michael Sonnenfeldt, the founder of Tiger21, in a recent interview on CNBC. Yes, you heard that right! The ultra-rich are now betting big on Bitcoin 🎲💰

The members of Tiger21, a network of high-net-worth individuals and executives, collectively have a net worth of $200 billion. These folks have allocated around 1%-3% of their wealth into crypto, Sonnenfeldt said, which amounts to around $6 billion. That’s more than some countries’ GDPs!

“Digital currencies are like the new kid on the block, and our members are excited about them. Some of them have even ditched gold for Bitcoin. It’s like trading in your classic car for a Tesla,” Sonnenfeldt said on CNBC. “Gold is for the old school, Bitcoin is the new age, but they both serve the same purpose: a storehouse of value.” 🚗⚡

BTC has surged over 125% during the last year, according to CoinDesk Indices data, and is currently trading above $97,000. Not bad for a digital currency that some people still think is a passing fad 🙄

Sonnenfeldt also mentioned that members’ cash holdings have hit a 17-year low, suggesting that they’re feeling pretty confident in the market. Maybe they’ve finally learned to trust the system… or maybe they’re just feeling lucky 🍀📈

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2025-02-06 08:47