TIGER 21 is a network of high-net-worth investors, entrepreneurs, and executives. According to founder and chairman Michael Sonnenfeldt, the organization has allocated $6 billion to cryptocurrencies out of its $200 billion portfolio.
“We have about 1% to 3% of our $200 billion in assets, or about $6 billion, in cryptocurrencies,” Sonnenfeldt said in an interview with CNBC on Feb. 5.
When asked about the areas TIGER 21 members are bullish on, Sonnenfeldt said: “Cryptocurrencies are still a very promising area. Some of our members are all in.”
He also noted that Bitcoin is taking on gold’s role as a store of value and a “hedge against uncertainty” for people living in economically unstable countries like Argentina and Lebanon.
“Gold is for traditionalists, Bitcoin is more modern. But they both play the same role—they are seen as stores of value that are not controlled by governments,” Sonnenfeldt explained.
“When the market is truly global, people feel they can find a safe haven there.”
TIGER 21 operates on an invitation-only model, with each member having to have at least $20 million in investable assets to qualify.
TIGER 21 has opened offices in 53 cities around the world since its founding in 1999, according to the company’s website. Sonnenfeldt also said in an interview with CNBC that the organization’s membership has surpassed 1,600.
