And the survey says… rich people are buying crypto: Goldman Sachs
A new Goldman Sachs survey indicates that 60% of loaded family offices worldwide either own or are interested in buying crypto.
This comes about one month after the American banking giant was telling the rest of us to stay away from the admittedly highly volatile asset class.
In its June 21 report entitled Digital Assets: Beauty is Not in the Eye of the Beholder, the back-flipping bankers concluded that Bitcoin and other crypto assets are “not a viable investment”.
But in its new survey results, reported by Bloomberg and which polled more than 150 global family offices, the investment bank found that 15% of respondents own crypto assets. And another 45% are interested in investing.
Guess we’re big enough to follow the mon… erm, make up our own minds.
In case you didn’t know, family offices are private wealth-management firms that help look after the money of billionaires such as Jeff Bezos and Bill Gates.
These wealth-focused entities aim to put their clients’ cash into profitable ventures such as real estate, private equity and investment funds… and now crypto, according to Goldman Sachs.
The new survey analysis also found that the 45% looking to buy crypto aim to do so as a hedge against “higher inflation, prolonged low rates, and other macroeconomic developments following a year of unprecedented global monetary and fiscal stimulus.”
As for Goldman Sachs, it’s been making its own, not-insignificant moves in crypto for some time now. These include:
• Facilitating Bitcoin derivatives trading for its clients.
• Filing for a Bitcoin ETF with the US Securities and Exchange Commission.
• And putting plans in place to offer futures and options contracts for Ethereum.