Billionaire Simon Nixon Bets On Crypto As Family Offices Stack Bitcoin

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

What Happened: According to a Bloomberg report, Seek Capital CEO Adam Proctor said the company plans to increase its allocation to crypto because we believe it is an area important for the future.

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

Why it matters: Interest in cryptocurrencies from family offices around the world has allegedly increased this year, despite Bitcoin’s correction from all-time highs it reported a few months ago.

That being said, Bloomberg also points out that Bitcoin has rebounded by more than 50% since the correction that ended in mid-July, Ethereum (CRYPTO: ETH), Cardano (CRYPTO: ADA) and Dogecoin (CRYPTO: DOGE) have also experienced a resurgence.

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

These companies see cryptocurrencies as a possible hedge against higher inflation and prolonged low interest rates.

In addition, Mexican billionaire Ricardo Salinas Pliego reportedly revealed in November that part of his net worth was now in Bitcoin.

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

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

Read more: Microsoft Wins Blockchain Patent for Implementing Cross-Chain Token Service

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