Billionaire Simon Nixon wants to bolster his crypto investments for the future as more ultra-wealthy individuals embrace digital assets.
Nixon, 54, was the co-founder of Moneysupermarket.com- a price comparison website-based business in 1993. He completed selling his shares in the company in 2016 and now manages personal assets in excess of $1 billion in the tech sector, according to his London-based venture capital firm, Seek Capital.
Adam Proctor, a managing director at Seek Capital, and a former Citigroup Inc. banker, explained the increased allocation to crypto as they “feel it is an important area of the future.” He also added that the Family Office was looking to hire an analyst to oversee this sector.
This comes after the recent Goldman Sachs Inc. survey report that noted that almost half the family offices it is in business with want to add digital currencies to their present suite of investments. The report also specified that the more closely held firms viewed crypto as a potential hedge against high inflation and prolonged low interest rates.
Nixon’s crypto bet follows Mexican billionaire Ricardo Salinas Pliego’s suit who revealed in November that he invested a chunk of liquid funds in Bitcoin. The Cryptology Asset Group, founded by Michael Novogratz and Christian Angermayer’s family offices, also pledged to allocate $100 million to crypto funds over the next two years starting this June. Novogratz currently has a net worth of approximately $5 billion owing to his shares in Galaxy Digital Holdings, a crypto investment bank, doubling this year, according to the Bloomberg Investment Index.
High value turnovers from the family offices of business magnates like Eric Schmidt and Sergey Brin have sparked a global boom in the number of family offices. A 2019 Campden Wealth estimate valued family office assets at approximately $6 trillion globally.
‘Billionaire Nixon’s Family Office Plans to Boost Crypto Bets’- Benjamin Stupples, Bloomberg
