Over 90% of Asian Family Offices to Increase Investments in Crypto Next Year
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Asia-Pacific family offices are planning to increase their investments in riskier assets like cryptocurrencies next year, the South China Morning Post has learned, citing the 2021 Global Family Office Report. The results are based on surveys of 385 family offices around the world.

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According to data, almost 30% of these family offices reported a "significant increase in wealth" over the last 12 month. What is more important is that 38% of Asian family offices said they would increase their exposure to cryptocurrencies.

"A few years ago, we were still arguing if cryptocurrencies are a real asset class. This year, it is agreed that cryptocurrencies and blockchain technology, as well as NFTs (non-fungible tokens), are here to stay," said Kwan Chi-man, Founder and CEO of Raffles Family Office.

Kwan says the appetite for riskier investments is on the rise as the second generation of wealthy families has started to take control of family assets. In October this year, Soros Fund Management, George Soros' family office, revealed it has its own basket of cryptocurrencies. While Soros Fund CEO, Dawn Fitzpatrick, noted that the fund has "not a lot" of coins, Soros Fund is more interested in spaces like decentralized finance (DeFi).

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She has also doubted that bitcoin (EXANTE: Bitcoin) is viewed on the market only as an inflation hedge given the size of a market capitalization. The largest cryptocurrency by market cap, according to Fitzpatrick, has crossed the chasm to mainstream.

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