Billionaire Simon Nixon Bets On Crypto As Family Offices Pile Up Bitcoin

Seek Capital — the family office of billionaire Simon Nixon — is doubling up on its cryptocurrency investment efforts.

What Happened: According to a Bloomberg report, Seek Capital's Managing Director Adam Proctor said that the firm plans to increase its “allocation to crypto as we feel it is an important area for the future."

To achieve this, the office is now looking to hire an analyst dedicated to the crypto market.

Why It Matters: The interest in cryptocurrencies showed by family offices around the world has purportedly grown this year, despite Bitcoin's correction from the all-time highs that it reported a couple of months ago.

That being said, Bloomberg also points out that Bitcoin rebounded more than 50% since the correction ending in mid-July, Ethereum ETH/USD, Cardano ADA/USD, and Dogecoin DOGE/USD also saw a resurgence.

What Else: A recent Goldman Sachs Group Inc. GS survey found that nearly half of the family offices it does business with want to add crypto to their portfolio.

These firms see cryptocurrencies as a possible hedge for higher inflation and prolonged low-interest rates. 

Furthermore, Mexican billionaire Ricardo Salinas Pliego purportedly revealed in November that a portion of his net worth is now in Bitcoin.

Meanwhile, Michael Novogratz and Christian Angermayer's family office founded Cryptology Asset Group, which promised to allocate $100 million to crypto-related funds over the next two years.

Price Action: Bitcoin was trading 3.36% lower, at $47,180 over the 24 hours.

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