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Tiger21 members have roughly $6 billion in bitcoin and other cryptocurrencies
Feb 6, 2025, 5:26 a.m. UTC
Bitcoin (BTC) has become a store of value and an instability hedge for the world's wealthiest investors, Michael Sonnenfeld, the founder of Tiger21, said during an interview on CNBC.
The members of Tiger21, a network of high-net-worth investors and executives, collectively have a net worth of $200 billion. The members have allocated around 1%-3% of their wealth into crypto, Sonnenfeld said, which amounts to around $6 billion.
"The areas of digital currencies remain really exciting. We have some members who are all in: it's become a gold substitute," Sonnenfeld said on CNBC. "Gold is for traditionalists, bitcoin a bit new age, but they often play the same role. They are perceived as storehouses of value."
BTC is up over 125% during the last year, according to CoinDesk Indices data, and is currently trading above $97,000.
Sonnenfeld also said that members' cash holdings have hit a 17-year low, which suggests high market confidence.
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
