Goldman Sachs Private Wealth Management Director Meena Flynn: 15% of family office interviewees have invested in cryptocurrency

According to Bloomberg, a survey conducted by the multinational investment bank Goldman Sachs on family offices found that 18% of the ultra-rich individuals worldwide view cryptocurrencies as a hedge against inflation, with 15% already invested in cryptocurrencies, while another 45% are interested in them.

The so-called "Family Office" is a comprehensive wealth management service designed specifically for ultra-high-net-worth families, known for its confidentiality. Essentially, a family office is an asset management organization that manages the wealth of individual ultra-high-income individuals and their families.

According to a report by Bloomberg on Wednesday, Goldman Sachs surveyed over 150 family offices and found that 45% of the wealthy individuals are interested in investing in cryptocurrencies, with 15% of the respondents already involved in cryptocurrency investments (25% in the U.S).

The report indicates that these family offices view the cryptocurrency industry as a hedge: "As a hedge against unprecedented global monetary and fiscal stimulus over the past year, against inflation, against long-term low interest rates, and against other macroeconomic developments." Therefore, more and more family offices are turning to cryptocurrencies as a preparation against inflation, currency devaluation, and unpredictable macroeconomic events.

Among the respondents, 15% already hold cryptocurrencies, and 40% are concerned about currency devaluation. Of those concerned about devaluation, 45% are curiously exploring cryptocurrencies as a possible hedge against inflation.

Meena Flynn, a partner at Goldman Sachs and head of private wealth management, stated that most wealthy individuals are eager to discuss blockchain technology with banks because they believe that blockchain technology may be as influential as the internet.

However, there are still many family offices that do not fully trust cryptocurrencies. 47% of U.S. family offices believe that crypto is not a good store of value, while only 24% of Asian respondents share the same view.

Among the family offices that responded to this survey, 22% manage assets worth $5 billion, and 45% manage assets ranging from $1 billion to $4.9 billion.

Last year, Goldman Sachs explicitly stated that cryptocurrencies are not an investable asset class; however, in May of this year, Goldman Sachs announced that its clients and others largely view Bitcoin as a new asset class, "This is noteworthy - we rarely see the emergence of new asset classes."

The shift from one of the world's largest banks and its clients is a strong indicator of cryptocurrencies entering the mainstream market.

This article is authorized to be reprinted from Horizon News Network