Multimillionaire Club invests in Bitcoin on the eve of US elections

Members of Tiger 21, a wealthy individuals club with at least $100 million in assets, invested in bitcoin, silver and gold mining shares as insurance against Joe Biden’s victory in the US presidential election. Bloomberg writes about this.

„With near-zero rates in the debt markets and uncertainty, many are increasing the share of gold and bitcoin,“ said Avi Weintraub, president of real estate at Weintraub Companies and head of Tiger 21 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 do not 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 kind of an insurance policy,“ he explained.

In addition to assessing investment opportunities, the association looked at aspects of estate 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 established in 1999 as a training network for wealthy investors. It has over 500 members, with total assets under management amounting to $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 hold the acquired cryptographic currency for 100 years. He also predicted that other private companies would choose the first crypt currency in the coming months.

In October, Jack Dorsey’s Square payment company announced the purchase of $50 million worth of bitcoins. This was followed by the management company Stone Ridge Holdings Group and Mode Global Holdings, a London Stock Exchange-listed fintech group.

According to Bitcoin Treasuries, the volume of investment by public companies in the first crypt currency exceeded $10 billion.

Subscribe to ForkLog news at Telegram: ForkLog FEED is the whole news feed, ForkLog is the most important news and surveys.