60% of super-rich family offices own crypto or are interested as inflation soars, Goldman Sachs says

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60% of super-rich family offices own crypto or are interested as inflation soars, Goldman Sachs says
Cryptocurrencies have boomed in 2021, despite a recent plunge. Yuriko Nakao/Getty Images
  • 60% of family offices have already invested or are interested in crypto, Goldman Sachs has found.
  • Many investment firms of the rich increasingly see crypto as a hedge against inflation, the survey said.
  • Yet others remain concerned about cryptocurrencies' volatility and the safety of the market.
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The investment firms of the super-rich are increasingly interested in cryptocurrencies, a survey by Goldman Sachs has found, with 15% already having bought in and 45% saying they could well do in the future.

Goldman said in a report on Wednesday that many respondents said they were considering cryptocurrencies "as a way to position for higher inflation, prolonged low rates, and other macroeconomic developments following a year of unprecedented global monetary and fiscal stimulus."

The bank surveyed 150 family offices - investment firms that look after the wealth of the very rich.

Interest in cryptocurrencies such as bitcoin varied from region to region. Goldman found 24% of family offices in the Americas had put some money in the space already, compared to just 8% in Asia and 8% in Europe, the Middle East and Africa (EMEA).

In Asia, 68% of family offices said they are interested in investing in the future, compared to 39% in the Americas and 35% in EMEA.

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Read more: WATCH: Crypto analyst David Grider and venture capital investor Ria Bhutoria discuss state of the market, under-the-radar altcoins, and outlook on regulation

Goldman said digital assets were mentioned as one investment solution by those concerned about inflation. Around 40% of respondents said they were concerned about monetary debasement as central banks pump money into economies, with more than 40% of this group saying they would consider buying digital assets.

However, 39% of family offices around the world said they were not interested and would never invest in crypto. Of these, 49% said cryptocurrencies, which are highly volatile, were not a good store of value. Just shy of 40% said they were not currently comfortable with the infrastructure, such as trading and storing.

Family offices are a growing force in the investing world, thanks in large part to the boom in billionaires. Of the 150 firms surveyed by Goldman, 22% managed $5 billion or more and 44% managed between $1 billion and $4.9 billion.

Goldman's report said: "Our conversations with family offices indicate they are interested in getting exposure not only to cryptocurrencies but also to innovation in the digital assets ecosystem."

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