Tiger 21 founder and Chairman Michael Sonnenfeldt said the network of high-net-worth investors holds about $6 billion in digital currencies.
"We have about 1% to 3% of $200 billion in assets, so about $6 billion in assets, in digital currencies," he said in an interview with CNBC on Wednesday. "The areas of digital currencies remain really exciting. We have some members that are all in. It's become a gold substitute."
Tiger 21 is a global network of ultra-rich investors.
Broadly speaking digital asset prices have been experiencing a bullish cycle on the heels of Donald Trump being elected president of the United States. The billionaire politician has both backed crypto projects and floated the idea of the U.S. creating a strategic reserve of bitcoin.
Bitcoin recently hit an all-time high of over $108,000. The largest cryptocurrency by market cap was trading at $96,779.52 as of 5:35 p.m. ET, according to The Block price page.
On Wednesday, Standard Chartered's global head of digital assets research said bitcoin could hit $500,000 by the end of 2028.
"Gold is for traditionalists, bitcoin a bit new age, but they often play the same role. They are perceived as storehouses of value," Sonnenfeldt also said.
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