18% of the world’s super-rich see cryptocurrencies as a hedge against inflation

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2021-07-22 16:35:42

Goldman Sachs surveyed over 150 institutions and found that nearly one in five are crypto curious.

18% of the world’s super-rich see cryptocurrencies as a hedge against inflation

A new survey from Goldman Sachs has revealed that more and more companies are turning to cryptocurrencies as a possible safeguard against inflation, currency devaluation, and macroeconomic events. unpredictable.

More than 150 companies worldwide were polled in the survey. Of the respondents, 15% already hold cryptocurrencies, (among American respondents the figure is 25%), while 40% are concerned about the currency’s devaluation.

Among those concerned about the price drop, 45% are curious to explore cryptocurrencies as a possible hedge against inflation.

Goldman Sachs partner and co-head of private wealth Meena Flynn told Bloomberg that “the vast majority of super-rich families” want to talk to the bank about blockchain technology, as they believe it could have an impact. acts like the internet.

However, many organizations are not completely convinced. In the most bearish context, 47% in the US believe that cryptocurrency is not a good store of value while only 24% of Asian respondents feel the same way.

Probes have a reputation for being secretive. The above clans are essentially a wealth management organization — like the crypto-oriented Blackrock or Grayscale — but one that typically only manages the wealth of a super-talented individual and their family.

Of the organizations that responded to the survey, 22% had $5 billion in assets under management and 45% had between $1 billion and $4.9 billion under management.

The Goldman Sachs survey comes months after the release of a research report concluding that cryptocurrencies are a legitimate asset class. In May, the bank stated:

“Customers and more are mostly watching [Bitcoin] As a new asset class, it’s worth noting that we don’t often see the emergence of a new asset class.”

Just last year, Goldman Sachs explicitly stated that cryptocurrencies are not an investable asset class.

The turning point that has occurred since then, from one of the largest banks in the world and its clients, is a strong indication that few have been able to test the fascinating march of money. encryption into the global financial system.

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