Members of Tiger 21, a wealthy club with at least $ 100 million in assets, have invested in bitcoin, silver, and gold mining stocks as insurance against Joe Biden's victory in the US presidential election. Bloomberg writes about it.
“Amid near-zero rates in debt markets and uncertainty, many are increasing their share of gold and bitcoin,” said Avi Weintraub, president of real estate The Weintraub Companies and head of Tiger 21 in Miami.
He explained that club members prefer to buy gold stocks and ETFs over physical gold.
According to Weintraub, investors who ignored bitcoin eight months ago are now following with interest the publications in the media devoted to comparisons of gold and the first cryptocurrency.
“We don't know where this topic is heading. It might be justified, it might be insanity, or something in between. So why not add a small fraction of [bitcoin] to your portfolio? It's kind of insurance, ”he explained.
In addition to assessing investment opportunities, the union considered aspects of inheritance planning, since the defeat of Donald Trump and the strengthening of Democrats in Congress could lead to tax reforms.
TIGER 21 (The Investment Group for Enhanced Results in the 21st Century) was established in 1999 as a learning network for wealthy investors. It has over 500 members with total assets under management of $ 50 billion.
Earlier this year, Nasdaq-listed MicroStrategy became the first publicly traded company to invest in Bitcoin. Later, its CEO Mike Sailor said that the MicroStrategy team plans to store the acquired cryptocurrency for 100 years. He also predicted that other private companies would choose the first cryptocurrency in the coming months.
In October, payment company Square Jack Dorsey announced the purchase of bitcoins for $ 50 million. Its lead was followed by management company Stone Ridge Holdings Group and London-listed fintech group Mode Global Holdings.
According to Bitcoin Treasuries, the volume of investments of public companies in the first cryptocurrency exceeded $ 10 billion.
Posted Using LeoFinance Beta
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