15% of Goldman Sachs’ family office clients have already purchased digital assets.
A survey conducted by major investment bank Goldman Sachs has found that close to half of its family office clients want to add cryptocurrency to their portfolios, signaling the ultra-wealthy are becoming increasingly bullish on digital assets.The survey, reported by Bloomberg, queried more than 150 family offices worldwide and found that 15% are already exposed to crypto assets.A further 45% of offices expressed interest in investing in the asset class as a hedge against “higher inflation, prolonged low rates, and other macroeconomic developments following a year of unprecedented global monetary and fiscal stimulus.”However other respondents cited concerns regarding the volatility and long-term uncertainty surrounding the price of cryptocurrencies as reasoning for their aversion to the asset class.Approximately 67% of the firms surveyed manage more than $1 billion worth of assets, with 22% of respondents boasting assets under management exceeding $5 billion.Bloomberg describes the business of family offices as managing “the wealth and personal affairs of rich people,” including the likes of Microsoft co-founder Bill Gates, former Google CEO Eric Schmidt, and Chanel owners Alain and Gerard Wertheimer.Related: Billionaire SBF says FTX may one day buy Goldman Sachs and CMEProfessional services firm Ernst & Young estimates there are more than 10,000 family offices that each manages the financial affairs of only a single family, half of which were launched during the 21st century. The
