Information on Bloomberg revealed that the British entrepreneur, Simon Nixon, having a net worth of about $1.2 billion approximately in assets from the tech sector, has the intention to increase his investments in digital assets through his family office as the adoption of crypto increases.
Seek Capital Looking to Employ Crypto Analyst and Acquire More Crypto
The family office of the billionaire situated in London revealed plans to hire a crypto analyst that will help the office maintain its focus on the crypto sector. The managing director of the firm, Adam Proctor, joined the office from a non-crypto-related firm leaving from a Citi group private bank.
The interest of the billionaire’s family office in the crypto space increased this year despite the crash in the crypto market earlier in May that saw BTC lost about 50% of its value. BTC, however, has regained its momentum after it rose to the $50k level yet again, and Ethereum, DOGE, ADA, amid others, are currently on an uptrend as the adoption of the crypto space is getting wider. For instance, Cardano’s native token, ADA, has been included by Greyscale as the third biggest crypto investment.
Besides hiring a crypto analyst, the family office also wants to increase its crypto portfolio as they believe that the assets class will become more prominent in the future.
The Crypto Interest of the Family Office is Increasing
Based on the result of a survey facilitated by Goldman Sachs and reported by Bloomberg, about 50% of the total family offices that the bank partner with are looking to diversify to the crypto space as they see crypto as a hedge against impending inflation.
Other billionaires are looking to increase their crypto involvements as well. In the later part of 2020, a Mexico-based Billionaire, Richard Salinas Pliego, revealed that he would convert a larger percentage of its liquid assets to the crypto market flagship, BTC.
Christian Angermayer and Mike Novogratz’s family offices also reveal the intention to invest $100 million in the digital assets market in years to come.
Novogratz, on his own, has been a BTC and Ethereum investor since their early days. He acquired ETH in 2015 from Vitalik Buterin, the co-founder of the asset when it was trading at $0.99 per unit, and he became the first Wall Street Investor to do so.