High-net-worth investor network Tiger 21 holds about $6 billion in digital currencies
Quick Take Tiger 21 founder Michael Sonnenfeldt said the network of high-net-worth investors holds about $6 billion in digital currencies.
Tiger 21 founder and Chairman Michael Sonnenfeldt said the network of high-net-worth investors holds about $6 billion in digital currencies.
"We have about 1% to 3% of $200 billion in assets, so about $6 billion in assets, in digital currencies," he said in an interview with CNBC on Wednesday. "The areas of digital currencies remain really exciting. We have some members that are all in. It's become a gold substitute."
Tiger 21 is a global network of ultra-rich investors.
Broadly speaking digital asset prices have been experiencing a bullish cycle on the heels of Donald Trump being elected president of the United States. The billionaire politician has both backed crypto projects and floated the idea of the U.S. creating a strategic reserve of bitcoin.
Bitcoin recently hit an all-time high of over $108,000. The largest cryptocurrency by market cap was trading at $96,779.52 as of 5:35 p.m. ET, according to The Block price page .
On Wednesday, Standard Chartered's global head of digital assets research said bitcoin could hit $500,000 by the end of 2028.
"Gold is for traditionalists, bitcoin a bit new age, but they often play the same role. They are perceived as storehouses of value," Sonnenfeldt also said.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Decoding VitaDAO: A Paradigm Revolution in Decentralized Science

Mars Morning News | ETH returns to $3,000, extreme fear sentiment has passed
The Federal Reserve's Beige Book shows little change in U.S. economic activity, with increasing divergence in the consumer market. JPMorgan predicts a Fed rate cut in December. Nasdaq has applied to increase the position limit for BlackRock's Bitcoin ETF options. ETH has returned to $3,000, signaling a recovery in market sentiment. Hyperliquid has sparked controversy due to a token symbol change. Binance faces a $1 billion terrorism-related lawsuit. Securitize has received EU approval to operate a tokenization trading system. The Tether CEO responded to S&P's credit rating downgrade. Large Bitcoin holders are increasing deposits to exchanges. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively improved by the Mars AI model.

The central bank sets a major tone on stablecoins for the first time—where will the market go next?
The People's Bank of China held a meeting to crack down on virtual currency trading and speculation, clearly defining stablecoins as a form of virtual currency with risks of illegal financial activities, and emphasized the continued prohibition of all virtual currency-related businesses.

