A recent survey carried out by key investment bank Goldman Sachs has discovered that around half of its family office clients are looking to add digital assets to their portfolios, hinting the ultra-wealthy are becoming progressively bullish on cryptocurrencies.
The aforementioned survey, reported by Bloomberg, queried over one hundred and fifty family offices around the world and discovered that fifteen percent are already exposed to digital currencies.
Notably, a further forty five percent of offices expressed interest in investing in the crypto asset class as a hedge against
“higher inflation, prolonged low rates, and other macroeconomic developments following a year of unprecedented global monetary and fiscal stimulus.”
Nevertheless, other partakers mentioned apprehensions on the subject of volatility and long-term unpredictability encompassing the price of digital assets as reasoning for their disinclination to the crypto asset class.
Nearly sixty seven percent of the companies surveyed managed over a billion dollars worth of assets, with twenty two percent of respondents boasting assets under management surpassing five billion dollars.
Bloomberg explains the work of family offices as managing “the wealth and personal affairs of rich people,” including the likes of former Google CEO Eric Schmidt, Microsoft co-founder Bill Gates, and Chanel owners Alain and Gérard Wertheimer.
E&Y, one of the big-four consulting firm approximates that there are over ten thousand family offices that individually manage the financial affairs of only a single family, half of which were launched during the twenty first century. The family office sector is estimated to manage over six trillion dollars globally, obscuring the hedge fund sector.
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