Dips 'Not Yet Eroding' Bitcoin’s Long-Term Potential for Wealthy Investors Alloc

[AlviNess]

Members of Tiger 21, a network of over 900 wealthy investors, are putting in more money in cryptocurrency markets though still at low levels. Members are investing more directly in blockchain and cryptocurrencies, giving them the same 1% to 3% allocation in portfolios like gold which has been seen as an instability hedge. They aren’t much concerned about the recent decline in price either. During this latest sell-off, the price of Bitcoin dropped under $29k, down about 55% from its all-time high in April. Ether went as low as $1,700 while the total cryptocurrency market cap went to $1.2 trillion, which peaked at nearly $2.6 trillion in mid-May. Michael Sonnenfeldt, founder of the network of entrepreneurs, investors, and executives who have an average of $100 million in assets said,

“Bitcoin has always had an extraordinary level of volatility, and in that context, the recent drop is not dramatically out of line with historic dips.” “For those invested in Bitcoin, the dips are of concern but are not yet eroding their long-term view of Bitcoin’s potential.”
In the short term, some members are investing in the Grayscale Bitcoin Trust (GBTC). “Over time, our members will ferret out longer-term private equity deals,” Sonnenfeldt said. source