Key Takeaways
- • Simon Nixon, co-founder of Moneysupermarket.com, wants his family office to increase its crypto holdings, according to a Bloomberg report published Thursday, August 26, 2021.
- • Adam Proctor, a managing director at Seek Capital, called crypto allocation "an important area for the future" and said the family office is hiring an analyst to focus on the sector.
- • Seek Ventures says Nixon manages more than $1 billion of personal assets in the tech sector.
- • A Goldman Sachs survey of 150 family offices released in July found 15% had already bought crypto assets and 45% said such assets could perform well in the future.
- • Crypto markets have grown to a valuation above $2 trillion this year, though bitcoin fell back below $1 trillion after a selloff tied partly to Chinese and US regulatory concerns.
Summary
Simon Nixon, the British billionaire and co-founder of UK price comparison website Moneysupermarket.com, wants his family office to increase its crypto holdings, Bloomberg reported on Thursday. The move highlights growing interest among ultra-wealthy investors in gaining exposure to digital assets.
Adam Proctor, a managing director at Nixon's Seek Capital, described crypto allocation as "an important area for the future" in a statement cited by Bloomberg. The family office is looking to hire an analyst who will focus on the sector. Proctor joined Seek Capital earlier this year after working at Citigroup's private bank.
Nixon's venture capital firm, Seek Ventures, says he manages more than $1 billion of personal assets in the tech sector. The 54-year-old co-founded Moneysupermarket.com in 1993 and finished selling his shares in the company in 2016.
The report reflects a broader shift among firms that manage wealth for rich families. A Goldman Sachs survey of 150 family offices, released in July, showed 15% had already bought crypto assets, and 45% of respondents said such assets could perform well in the future. Many respondents cited crypto as a way to position for higher inflation and prolonged low interest rates amid unprecedented monetary and fiscal stimulus.
Crypto markets have boomed this year to a valuation of more than $2 trillion, with bitcoin surpassing $1 trillion in April. Bitcoin later lost that level in a selloff stoked in part by Chinese and US regulatory concerns. According to the report, bitcoin reclaimed $50,000 earlier in the week but struggled to hold that level during Thursday's session.
Adam Proctor, a managing director at Nixon's Seek Capital, described crypto allocation as "an important area for the future" in a statement cited by Bloomberg. The family office is looking to hire an analyst who will focus on the sector. Proctor joined Seek Capital earlier this year after working at Citigroup's private bank.
Nixon's venture capital firm, Seek Ventures, says he manages more than $1 billion of personal assets in the tech sector. The 54-year-old co-founded Moneysupermarket.com in 1993 and finished selling his shares in the company in 2016.
The report reflects a broader shift among firms that manage wealth for rich families. A Goldman Sachs survey of 150 family offices, released in July, showed 15% had already bought crypto assets, and 45% of respondents said such assets could perform well in the future. Many respondents cited crypto as a way to position for higher inflation and prolonged low interest rates amid unprecedented monetary and fiscal stimulus.
Crypto markets have boomed this year to a valuation of more than $2 trillion, with bitcoin surpassing $1 trillion in April. Bitcoin later lost that level in a selloff stoked in part by Chinese and US regulatory concerns. According to the report, bitcoin reclaimed $50,000 earlier in the week but struggled to hold that level during Thursday's session.
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