Tiger 21, a wealthy individuals’ club with assets worth at least $100 million, invested in bitcoin, silver and gold mining shares as insurance against Joe Biden’s victory in the U.S. presidential election. Bloomberg writes about it.
“Against the backdrop of near-zero rates in debt markets and due to uncertainty, many are increasing the share of gold and bitcoin,” said Avi Weintraub, president of real estate The Weintraub Companies and head of the Tiger 21 branch in Miami.
He explained that club members prefer to acquire shares in gold mining companies and ETFs rather than physical gold.
According to Weintraub, investors who ignored Bitcoin eight months ago are now following with interest media publications comparing gold and the first crypt currency.
“We don’t know where this topic is going. It may be justified, it may be madness or something in the middle. So why not add a small fraction of [bitcoin] to your portfolio? It’s a kind of insurance,” he explained.
In addition to evaluating investment opportunities, the association looked at aspects of inheritance planning, as defeating Donald Trump and strengthening Democrats in Congress could lead to tax reforms.
TIGER 21 (The Investment Group for Enhanced Results in the 21st Century) was founded in 1999 as a training network for wealthy investors. It has over 500 members who invested in bitcoin, with total assets under management reaching $50 billion.
Earlier this year, Nasdaq MicroStrategy was the first public company to invest part of its capital in Bitcoin. Later, its CEO Mike Saylor said that the MicroStrategy team plans to keep the purchased cryptographic currency for 100 years. He also predicted that other private companies would choose the first cryptovalue in the coming months.
In October, Jack Dorsey’s Square payment company announced the purchase of $50 million worth of bitcoins. Its example was followed by the management company Stone Ridge Holdings Group and Mode Global Holdings, a financial group listed on the London Stock Exchange.
According to Bitcoin Treasuries, the volume of public companies’ investments in the first crypt currency exceeded $10 billion