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Tiger21 Founder Michael Sonnenfeldt Says Ultra-Rich are Bullish on BTC
Tiger21 members have roughly $6 billion in bitcoin and other cryptocurrencies
Feb 6, 2025, 5:26 a.m.
What to know:
- The wealthy now see BTC as a gold-like store of value, says Tiger21 founder Michael Sonnenfeld.
- Collectively Tiger21 members have $6 billion in crypto.
Bitcoin has become a store of value and an instability hedge for the world's wealthiest investors, Michael Sonnenfeld, the founder of Tiger21, said during an interview on CNBC.
The members of Tiger21, a network of high-net-worth investors and executives, collectively have a net worth of $200 billion. The members have allocated around 1%-3% of their wealth into crypto, Sonnenfeld said, which amounts to around $6 billion.
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"The areas of digital currencies remain really exciting. We have some members who are all in: it's become a gold substitute," Sonnenfeld said on CNBC. "Gold is for traditionalists, bitcoin a bit new age, but they often play the same role. They are perceived as storehouses of value."
BTC is up over 125% during the last year, according to CoinDesk Indices data, and is currently trading above $97,000.
Sonnenfeld also said that members' cash holdings have hit a 17-year low, which suggests high market confidence.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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