Another billionaire increases crypto investments as Bitcoin is mainstream accepted

  • Billionaire Simon Nixon has decided to increase the allocation to cryptocurrencies in his family office Seek Capital.
  • The company sees the new asset class as an integral part of the future.
  • A survey by Goldman Sachs found that nearly 50% of family offices want to invest in digital assets.

Seek Capital, the family office of billionaire Simon Nixon, is eager to increase its exposure to cryptocurrencies as it believes the new asset class is an important consideration for the future.

Seek Capital invests in “category killers”

Seek Capital’s chief executive Adam Proctor told Bloomberg that the company plans to increase its allocation to digital assets and is looking to hire an analyst for the cryptocurrency market.

Cryptocurrencies have seen increased interest from family offices as a recent Goldman Sachs survey found that nearly 50% of family offices would like to add cryptocurrencies to their portfolios. Companies believe the new asset class could serve as a potential protection against inflation and persistently low interest rates.

15% of the companies surveyed by the banking giant have already invested in cryptocurrencies.

Simon Nixon, co-founder of Moneysupermarket.com, manages over $ 1 billion in personal assets in the technology industry. His family office believes in investing in “category killers,” which got the crypto industry upset when the plan to invest in digital assets became public.

Bitcoin price has seen significant gains recently, along with altcoins like Ethereum, Cardano, and Dogecoin. However, the leading cryptocurrency continues to consolidate after its rally.

Bitcoin price vulnerable to ongoing consolidation

Bitcoin price has been able to challenge previous highs in the past few weeks. BTC appears to be consolidating, however, and a recent break below a critical level of support could suggest that the sideways movement may continue.

Bitcoin price broke below the crucial diagonal line of defense on August 26 as buyers struggled to raise prices. Currently, BTC sits around the 50% Fibonacci expansion level at $ 46,711 as support.

As the bulls catch their breath after the rally, Bitcoin price could fall if it falls back towards the 50 Twelve-Hour Simple Moving Average (SMA) at $ 45,335, which will serve as support for the leading cryptocurrency. However, a break below this level could result in the bulls struggling and BTC potentially experiencing a prolonged consolidation.

BTC / USDT 12 hour chart

While no lower levels are currently expected for Bitcoin price, BTC could find additional support at the August 19th low of $ 43,999.

In order for Bitcoin price to resume its uptrend, BTC needs to break above the aforementioned diagonal trendline and coincide with the next resistance level at $ 48,212.

Greater aspirations would require a surge in buying pressure that would propel Bitcoin price towards its swing high at $ 50,435. Should the bulls continue to take control, BTC could target the 61.8% Fibonacci expansion level at $ 50,938.

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