Billionaire Simon Nixon’s Family Office Aims to Increase its Crypto Allocation
Amidst the ongoing institutional cryptocurrency adoption, billionaire Simon Nixon wants to increase his crypto investments, reported Bloomberg.
Nixon, who co-founded Moneysupermarket.com in 1993, manages over $1 billion of personal assets in the tech sector.
In a statement, his family office, Seek Capital, is aiming to increase its “allocation to crypto as we feel it is an important area for the future,” said Adam Proctor, the managing director for Nixon’s London-based venture capital firm.
Proctor, who joined the firm from Citigroup’s private bank, said Seek Capital is looking for an analyst to focus on the crypto sector.
Family office interest in cryptocurrency has been growing throughout this year, undisturbed by the deep sell-off during May and June. Crypto asset prices have since rebounded, with Bitcoin back near $50,000, Ether above $3,000, and the total crypto market cap past $2 trillion.
In a recent survey, Goldman Sachs found that nearly half the family offices it does business with want to add digital assets to their stable investments, seeing crypto as a hedge for higher inflation and prolonged low-interest rates.
According to a 2019 estimate by researcher Campden Wealth, family office assets sit at almost $6 trillion globally.