Goldman Sachs finds crypto interest has waned among the ultra-rich https://t.co/wmL25Ukbq1
— The Block (@TheBlock__) May 9, 2023
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Cryptocurrencies: Are ultrarich people losing interest in it?
Thu 11 May 2023 ▪
3
min of reading ▪ by
Getting informed
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Invest
In recent weeks, interest in cryptocurrencies has certainly increased among users. This includes Bitcoin (BTC). Memecoins like Shiba Inu are concerned too. However, this interest doesn’t seem to be shared by all users.
Ultrarich people aren’t investing as much in cryptocurrencies anymore
While interest in cryptocurrencies has been increasing in recent weeks, this trend doesn’t seem to be shared by everyone. In fact, the enthusiasm of users considered to be ultrarich seems to be cooling off.
This is what a survey by Goldman Sachs, published on Tuesday, May 9th, reveals. The survey specifically targeted family offices, which are investment structures managed by wealthy individuals or families.
Between January and February of this year, the survey targeted 166 family offices worldwide. Which together have a minimum worth of $1 billion, with a net worth of at least $500 million.
The survey data shows a drastic decrease in interest among family offices for cryptocurrencies. The numbers confirm this trend. There is a sharp increase in the number of family offices not interested in acquiring cryptocurrencies.
Between 2021 and 2022, the total number of family offices not interested in cryptocurrencies increased from 39% to 62%. While the total number of family offices potentially interested in cryptocurrencies dropped from 45% to 12%.
What’s the reason behind this?
There’s obviously a confidence crisis among these particular users. Goldman Sachs believes that the wave of crypto firm collapses in the industry may have contributed to this tone change.
Despite this, the firm reports a substantial increase in family offices’ investments in cryptocurrencies this year compared to 2021. While only 16% of family offices purchased cryptocurrencies in 2021, that number has risen to 26% in 2023.
Meena Flynn, co-head of global private wealth management at Goldman Sachs, sees this as a “patient, strategic, and long-term approach” that would be relevant “in the management and preservation of generational wealth.”
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Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.