The Witter Family Office, which has deep Wall Street roots, is overhauling its large crypto portfolio but “continues to believe” in the sector despite the recent price drop. Sherry Pryor Witter, CEO of the Witter Family Office, said that crypto assets and blockchains accounted for around 40% of the office’s assets at its peak. However, with recent losses in both tokens and companies, Witter sold all of his tokens except for the top 10.
According to Sherry Witter, the firm still strongly believes in the digital asset class, and suggests this is a great time to step into “the best crypto projects.” She adds that “the recent developments have been unfortunate, but if you can pick the right projects, I think the returns will be strong in the future.” Witter Family Office is part of a large and growing group of family offices that have become major players in the crypto industry. A recent survey of family offices by Mellon and Harris (BNY) found thatand 77% of family offices were exploring or investing in crypto.
Know more: Why family offices are getting interested in Bitcoin
Sherry Witter said that innovation has always been at the heart of the Witter family and, like many of the newer family offices, Witter sets aggressive investment targets and aims to outperform many of the public stock and bond markets. “We’re in growth mode,” she said.
Witter has four main strategies: equities, private equity, venture capital and trading. Currently, she said that the business of trading has been the strongest, focusing on trading the daily swings in commodities, exchange rates and crypto. Their Trading Profits Have “More Than Made Up” for Other Crypto Sector Drops, she said, including losses from venture capital investments in crypto companies. Witter admits, however, that its broader strategy of becoming a crypto and blockchain-focused family office had to change. She sold the office’s smaller tokens to focus on what she calls “the top 10,” which includes bitcoin, ethereum and other larger tokens. The direct investment venture and strategy, in which the firm took stakes in crypto and blockchain startups, was also scaled back. Sherry Witter said that The current slump and wave of bankruptcies in the industry is the result of “bad actors” and speculators who needed to be pulled out of the crypto marketnone of which caused her to change her mind on the matter.
She assumes that blockchains and cryptocurrencies will revolutionize payment systems, long-term finance and banking and that by talking to other family offices, realized that the feeling is shared.
When it comes to equities, Witter said that while there is still likely to be volatility in the coming months, “this is a great point to enter the stock market, in long-term positions.”
Buy Bitcoin on Coinext
Buy Bitcoin and other cryptocurrencies on the safest exchange in Brazil. Register and see how simple it is, visit: https://coinext.com.br