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High-net-worth individuals are becoming interested in Bitcoin (BTC), which they view as a contemporary substitute for conventional assets like gold. Digital currencies are becoming more and more attractive to members of Tiger 21, a peer advising network for investors and entrepreneurs, according to industry analyst Michael Sonnenfeldt.
In a recent CNBC interview, Sonnenfeldt described Bitcoin as an emerging asset class for investors seeking security. He explained that while gold has historically been a safe haven during times of global instability, Bitcoin is now fulfilling a similar role.
“We have some members that are all in. It’s become a gold substitute. Gold isn’t an inflation hedge, it’s an instability hedge. There’s a lot of instability around the world and people think that in America they’re concerned about it, but if you live in Argentina or Lebanon or any countries that are under risk, Bitcoin is taking on a new role.
So we have about 1-3% of $200 billion in assets, so about $6 billion in assets, in digital currencies.”
Sonnenfeldt noted that while both Bitcoin and gold serve as stores of value, their appeal differs. Traditional investors still favor gold, while modern investors gravitate toward BTC.
“They’re perceived as storehouses of value that are not subject to government fiat. When you get out of that, when you have a truly global market like that, people feel like there’s some real refuge there to be found.”
The increasing adoption of Bitcoin among wealthy investors signals a shift in how digital assets are viewed. As instability continues worldwide, BTC’s role as a hedge against uncertainty is becoming more pronounced.