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Another billionaire ramps up crypto investments as Bitcoin gains mainstream acceptance

  • Billionaire Simon Nixon has decided to increase allocation to cryptocurrencies in his family office, Seek Capital.
  • The firm views the new asset class as an essential part of the future.
  • A Goldman Sachs survey found that nearly 50% of family offices are looking to invest in digital assets. 

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

Seek Capital invests in ‘category killers’

Seek Capital’s managing director Adam Proctor told Bloomberg that the firm is planning to increase its allocation to digital assets and is looking to recruit an analyst dedicated to the cryptocurrency market.

Cryptocurrencies have seen accelerated interest from family offices, as a recent Goldman Sachs survey found that almost 50% of family offices would like to add cryptocurrencies into their portfolio. The firms hold the view that the new asset class could act as a possible hedge against inflation and prolonged low interest rates.

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

Simon Nixon, who co-founded the Moneysupermarket.com site, manages over $1 billion in personal assets in the technology industry. His family office believes in investing in “category killers,” which brought excitement to the crypto industry when the plan to invest in digital assets was revealed.

Bitcoin price has made considerable gains recently, along with altcoins including Ethereum, Cardano and Dogecoin. However, the leading cryptocurrency continues to consolidate following its rally.

Bitcoin price vulnerable to prolonged consolidation

Bitcoin price has been able to challenge previous highs over the past few weeks. However, BTC appears to be consolidating and a recent break below a critical support level could suggest the sideways price action could continue.

Bitcoin price sliced below the crucial diagonal line of defense on August 26, as the buyers struggled to lift prices higher. Currently, BTC is sitting around the 50% Fibonacci extension level at $46,711 as support.

While the bulls catch their breath following the rally, Bitcoin price may slump lower as it retraces toward the 50 twelve-hour Simple Moving Average (SMA) at $45,335, which will act as support for the leading cryptocurrency. However, a break below this level could see the bulls struggle and BTC could potentially see a prolonged consolidation.

BTCUSDT

BTC/USDT 12-hour chart

Although lower levels are not expected for Bitcoin price at the moment, BTC may discover additional support at the August 19 low at $43,999. 

For Bitcoin price to be able to resume its uptrend, BTC must break above the aforementioned diagonal trend line, coinciding with the next resistance level at $48,212.

Bigger aspirations would require a surge in buying pressure, propelling Bitcoin price toward reaching its swing high at $50,435. Should the bulls continue to take control, BTC could aim for the 61.8% Fibonacci extension level at $50,938.

Author

Sarah Tran

Sarah Tran

Independent Analyst

Sarah has closely followed the growth of blockchain technology and its adoption since 2016.

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