According to a report by the Goldman Sachs bank, half of the family offices that have accounts in the entity are interested in cryptocurrencies. Specifically, 45% of them want to know more about or even invest in these assets, while 15% have already included them in their investment portfolio.
Family offices are investment management companies that manage the wealth of the wealthiest families in the world. According to the Goldman Sachs report published by Bloomberg, which details the trend among the 150 companies in the sector surveyed by the bank, these firms would be increasingly interested in cryptocurrencies. Although they expressed concerns about the value of digital assets in the long term, family offices see in them a potential for productive development like the one that the internet had at the time.
The entry of these capitals to the cryptocurrency market could be a boost to confirm the upward trend that some experts predict, which was reported by CriptoNoticias. 22% of the family offices surveyed had assets of more than $ 5 billion in their custody, while another 45% of them hold sums of between 1,000 million and 4,999 million.
The reasons for this interest are “high inflation, low fees and other macroeconomic developments after a year of unprecedented global monetary and fiscal stimulus,” says the Bloomberg publication. For these factors, these management companies have diversified their traditional investments (real estate and investment capital) also incorporating special acquisition companies (ASPC, for its acronym in English).
According to data provided by Bloomberg, some of the largest funds managed by various family offices in the world include the Gates, Wertheimer, Dell, Schmidt and Yahun families, all with fortunes ranging from $ 14.9 billion to $ 148 billion.
The funds of the richest families in the world are guarded by family offices that are interested in cryptocurrencies. Source: Bloomberg / bloomberg.com
Goldman Sachs values cryptocurrencies as an asset
In May 2021, Matthew McDermott, Global Head of Digital Assets at Goldman Sachs, assured that bitcoin (BTC) should be classified as an investment asset. Although he stated that this cryptocurrency “has its risks”, these are mainly linked to its recent origin and the adoption phase it is going through.
On the other hand, this entity also showed its positive assessment of Ethereum, on which it stated that it “could surpass bitcoin” as a digital asset. This is because the cryptocurrency of this network, ether (ETH), “has more potential for real use”, in addition to the fact that Ethereum is the preferred network for the development of smart contracts.