Tiger21’s Michael Sonnenfeldt Discusses Surge in Bitcoin Interest Among Ultra-Wealthy
Michael Sonnenfeldt, founder of Tiger21, a group of high-net-worth investors, shared insights into the growing appeal of bitcoin (BTC) among the wealthiest individuals. In an interview on CNBC, Sonnenfeldt revealed that his network’s members, who collectively have a net worth of $200 billion, have allocated around 1%-3% of their wealth, equating to roughly $6 billion, into cryptocurrencies, primarily bitcoin.
Sonnenfeldt emphasized that for many of Tiger21’s members, bitcoin has increasingly become a go-to asset for wealth preservation, similar to gold, but with a more modern edge. “Bitcoin offers a new-age alternative to traditional gold. It’s seen as a safe haven for value storage,” he explained.
Over the past year, bitcoin has surged over 125%, currently trading above $97,000, and its performance continues to draw attention from institutional investors. Additionally, Sonnenfeldt pointed out that members of Tiger21 are holding less cash than ever, with cash holdings hitting a 17-year low, signaling increased confidence in alternative investments like bitcoin.
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