Billionaire Family Plans to Boost Crypto Investment
As more of the world’s ultra-rich embrace digital assets, billionaire Simon Nixon wants to increase his crypto holdings.
Nixon’s London-based family office, Seek Capital, plans to raise its “commitment to crypto since we believe it is a key sector for the future,” according to Adam Proctor, a managing director for Nixon’s firm. Proctor, who came this year from Citigroup Inc.’s private bank, said the company is looking to employ an analyst to focus on the industry.
Despite price swings, family offices’ interest in cryptocurrencies has remained strong this year. Bitcoin, for example, has increased by more than 50% since mid-July. Other cryptocurrencies, including Ethereum, Cardano’s ADA, and Dogecoin, have increased in response to evidence of widespread acceptance.
According to a recent survey conducted by Goldman Sachs Group Inc., nearly half of the family offices with whom it does the business want to add digital currencies to their investment portfolio, with the closely held firms seeing crypto as a possible hedge against higher inflation and prolonged low-interest rates.
Billionaire Invests More Cash into Crypto Assets
Ricardo Salinas Pliego, a Mexican millionaire, disclosed in November that he has invested a portion of his marketable assets in Bitcoin. Cryptology Asset Group was founded by Michael Novogratz and Christian Angermayer’s family office, which vowed in June to invest $100 million in crypto-related assets over the next two years. According to the Bloomberg Billionaires Index, Novogratz has a net worth of $5 billion, partly due to shares in his crypto investment bank Galaxy Digital Holdings more than doubling this year through Wednesday.
Nixon, 54, co-founded Moneysupermarket.com, a price-comparison site, as a mortgage-listings company in 1993. In 2016, he completed the sale of his company’s stock. According to his London-based venture capital firm, Seek Ventures, he controls more than $1 billion in personal assets in the tech sector.
The rising wealth of computer billionaires like Sergey Brin and Eric Schmidt have aided in the growth of family offices around the world. According to a 2019 estimate by researcher Campden Wealth, global family office assets are worth about $6 trillion.
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