‘Old money’ has stronger Bitcoin ‘diamond hands,’ says BingX exec
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Kevin Lee, chief strategy officer of BingX, stated that wealthy “old money” investors hold Bitcoin with stronger conviction, or “diamond hands,” than many crypto-native traders. In a Token2049 discussion, Lee highlighted that these investors view Bitcoin more as a portfolio diversification tool rather than a short-term speculative asset. However, data from family offices indicates that widespread crypto adoption among wealthy investors remains limited.
Why it matters
According to Lee, the long-term, buy-and-hold approach of affluent investors could position Bitcoin as a more stable portfolio diversifier, potentially attracting broader capital flows into crypto. The source does not elaborate on the broader market or policy implications beyond these investment trends.
Key context
Recent surveys support Lee’s claim: a CoinShares study found that among investors with over $500,000 in assets, long-term appreciation and diversification are primary reasons for holding crypto, with Bitcoin owned by 80% of these investors. Nevertheless, a JPMorgan report showed that 89% of surveyed single-family offices had no crypto exposure, indicating crypto is not yet a standard asset class in these wealthy circles.
Key numbers and entities
Kevin Lee (BingX chief strategy officer), Cointelegraph (publisher), CoinShares survey of 2,230 investors with $500,000+ in investable assets, JPMorgan survey of 333 single-family offices across 30 countries, Bitcoin (BTC), gold (as a portfolio comparison).
What remains unclear
The source does not specify how widespread or impactful the interest from “old money” investors might become over time, nor does it detail specific investment strategies or the potential for increased crypto adoption beyond the current limited figures.