Bitcoin (BTC) has become a value of value and an instability hedge for the world’s richest investors, said Michael Sonnenfeld, the founder of Tiger21, during an interview at CNBC.

Members of Tiger21, a network of investors and high -net responsibility, have collected a $ 200 billion net worth. The members have awarded approx. 1% -3% of their wealth for crypto, Sonnenfeld said, equivalent to about $ 6 billion.

“The areas of digital currencies remain really exciting. We have some members who are all in: It has become a gold state,” Sonnenfeld said at CNBC. “Gold is for traditional, bitcoin a bit new age, but they often play the same role. They are perceived as warehouses of value.”

BTC is over 125% over the past year, according to Coindesk Indices Data and currently trades over $ 97,000.

Sonnenfeld also said that members’ cash holdings have hit a 17-year-old low, which suggests high market scope.