'They want to win': Australia's richest families are buying up cryptocurrency as digital assets boom

Wednesday 05 May 2021, 12:05 PM AEST - 1 week ago

  • Australias wealthiest families are diversifying their portfolios with crypto as they look to new forms of wealth creation.
  • DigitalX, which helps family offices buy up digital assets, says demand is growing for digital currencies as both a against hedge against inflation as well as a growth asset.
  • Theyre intensely competitive, they want to win, and they obviously dont want to be the last one thats sort of moving towards a new investment, executive director Leigh Travers told Business Insider Australia.

Wealthy Australians are increasingly investing their family fortunes in digital assets, as the conservative go unconventional and alternative investments become mainstream.

In a world of rock bottom interest rates, money has been flooding into riskier assets as investors go looking for yield and cash in on surging prices. Its no different for the rich and powerful, who are using family offices – privately held companies used to invest their personal wealth – to direct millions of dollars into cryptocurrencies.

Technology investment company DigitalX is seeing the trend firsthand, helping those very offices and trusts transact in a space that is quickly maturing, according to executive director Leigh Travers.

The biggest change has been around institutional interest which has helped evolve it from a speculative asset to an asset that is part of a diversified portfolio and has the strongest macro winds of any investment possible I think, Travers told Business Insider Australia.

As a conservative family office investing for the long term, they dont want to be associated with something considered as a speculative frenzy.

While the bull run of today might echo the boom and bust of 2017-2018, it feels very different. The rise of decentralised finance (DeFi) projects, and the notable abse ...

Read full story on Business Insider Australia

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