The institutional demand for Bitcoin and cryptocurrencies has grown by multi-folds this year, every major Wall Street bank, Family Office, and hedge fund has invested in the digital asset market. The family office’s interest in crypto has seen an upward swing throughout 2021. Now Seek Capital, a family office owned by Billionaire Simon Nixon has announced its plans of increasing its crypto allocation.
The family office said they see crypto as an important area of the future. The family office is also looking to onboard an analyst to help it focus on the crypto sector. The decision to increase its crypto portfolio comes at a time when the crypto adoptions seem to be at an ATH. A recent survey by Goldman Sachs also revealed the same, more than half the family offices that the banking giant does business with have shown interest in crypto investment.
Family Office’s Crypto Investment on the Rise
Bitcoin price has seen a massive recovery from its May-June crash, breaking out of the $30K-$40K price range, recovering nearly 70% of its losses. Similarly, altcoins recorded a similar recovery in August. But despite the three-month-long bearish phase, the interest of institutional investors and family offices didn’t take a hit.
Apart from Seek Digital, Michael Novogratz and Christian Angermayer owned Cryptology Asset Group pledged a $100 million investment in crypto-centered funds. CITI Group became the latest banking giant that has filed to offer CME Bitcoin Futures to its clients. Goldman Sachs, JP Morgan, Fidelity Investment are a few other Wall Street giants that have recently announced Bitcoin investment funds for clients.
Bitcoin price is currently trading at $46,869 falling below the key support of $47,000. The top cryptocurrency faced rejection at $50,000 and currently looking for a short downside. A bounce-back is expected after recovering from the current correction.