Tiger 21 founder Michael Sonnenfeldt says ultra-rich investors are trimming stock and real estate exposure while adding to gold and Bitcoin (BTC).
In a new CNBC interview, the head of the global peer network for high-net-worth individuals says members are pulling back slightly from traditional markets, while allocating more to defensive assets with the addition of Bitcoin.
“Actually, they just pulled back a couple of points in the last quarter from the stock market and from real estate. Still strong in private equity. But for the first time, cash is coming up a little, fixed income is coming up a little, and gold and Bitcoin. So a little bit of a shift, maybe a little bit of caution.”
Looking closer at Bitcoin, Sonnenfeldt says some of the firms’ ultra-rich members are heavily loading up on BTC.
“Bitcoin as a market is still only a tenth the size of gold, but they both are secure assets in members’ minds. For the first time, people aren’t talking about Bitcoin just as speculation, but actually an alternative asset that can be held during tough times.
Not everybody believes in it, but those that do are making a big splash.”
Bitcoin is currently valued at $109,535.
Tiger 21 is a private peer network of entrepreneurs, executives, and investors with at least $20 million in personal assets. Members collectively manage about $150 billion in assets under management (AUM), according to the group’s latest disclosures.
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