Key Takeaways:

• Wealthy investors now perceive Bitcoin (BTC) as a gold-like asset for preserving value, according to Michael Sonnenfeldt, founder of Tiger21.
• Members of Tiger21 collectively hold around $6 billion in various cryptocurrencies.

Bitcoin has increasingly become a preferred asset for affluent investors seeking stability, as articulated by Michael Sonnenfeldt during his interview with CNBC. Tiger21, a network of accredited investors, boasts a combined net worth of $200 billion, with an estimated 1%-3% of their wealth, equating to about $6 billion, channeled into cryptocurrencies.

“The realms of digital currencies are still very promising. Several members are heavily invested: it has turned into a substitute for gold,” Sonnenfeldt noted in his CNBC interview. “Gold appeals to traditionalists, while Bitcoin caters to a more modern, innovative perspective, yet both function similarly as stores of value.”

With Bitcoin surging more than 125% in the past year and trading above $97,000 currently, Sonnenfeldt observed a significant decrease in the cash reserves of members, marking a 17-year low, indicating strong market confidence.